Summary of Financial Results for Fiscal Period Ended December 31, 2021 (Infrastructure Fund)
Infrastructure

Fund

IssuerCanadian Solar Infrastructure Fund, Inc.

Securities
Representative

Code

9284
(Title)Asset Management Company
Representative
Contact

Scheduled filing date of securities
reportSupplementary materials forfinancial results
Financial results briefing session

URL(Name)

Executive Director

Canadian Solar Asset Management K.K.
CEO and Representative(Title)(Name)
Director
Financial Planning
Department(Title)(Name)
Accounting Manager
Tel.
03(6279)0311

February 14, 2022
ListedStock Tokyo Stock
Exchange
Exchangehttps://www.canadiansolarinfra.com/
Hiroshi Yanagisawa
Hiroshi Yanagisawa
Yoshie Yoshioka

Scheduled date ofcommencement of cash
distribution payment

March 30, 2022

March 15, 2022

YES
YES (For institutional investors and analysts)(Amounts are rounded down to million yen)
1. Status of Management and Assets for Fiscal Period Ended December 31, 2021 (from July 1, 2021 to December 31, 2021)(1) Management Status(Percentage figures are the rate of period-on-period change)
Operating revenues
Operating income
Ordinary income
Net income
Million yen%
Million yen%
Million yen%
Million yen%
Fiscal period ended
3,587
4.7
1,344
(7.8)
1,123
4.5
1,122
4.5
Dec. 2021
Fiscal period ended
3,425
41.9
1,459
69.9
1,074
49.7
1,073
49.8
Jun. 2021

yen

%

%

Ordinary profit tooperating revenue ratio
%

2,902

2.8

1.4

31.3

3,234

3.5

1.6

31.4

Profit per unit
Fiscal period ended
Dec. 2021
Fiscal period ended
Jun. 2021

Rate of return on equity

Ordinary profit
to total assets ratio(2) Status of Cash Distributions

Fiscal period
ended Dec. 2021
Fiscal period
ended Jun. 2021

Distributions per
Total
Total distributions
Distributions per
unit
Total
distributions(excluding
Distributions inunit (including(excluding
distributions in(including
distributions inexcess of
distributions in
distributions inexcess of
distributions inexcess of
earnings per unit
excess ofexcess of
earnings
excess of
earnings)
earnings)
earnings)
earnings)
Yen
Million yen
Yen
Million yen
Yen
Million yen

Payout ratio

Ratio ofdistributions to
net assets

%

%

2,902

1,122

848

327

3,750

1,449

100.0

2.8

2,776

1,073

924

357

3,700

1,430

100.0

2.8

(Note 1) The payout ratio is calculated according to the following formula.
Payout ratio = distributions per unit (excluding distributions in excess of earnings) / profit per unit x 100(Note 2) The payout ratio and the ratio of distributions to net assets are calculated based on the numerical data excluding
distributions in excess of earnings.
(Note 3) Total distributions in excess of earnings are all refunds of investments that constitute distributions on the decrease ofcapital contribution under the tax law.
(Note 4) The ratio of the decrease in net assets upon distributions in excess of earnings (refunds of investments that constitutedistributions on decrease of capital contribution under the tax law) is 0.010 for the fiscal period ended June 30, 2021 and
0.009 for the fiscal period ended December 31, 2021. In this regard, the ratio of the decrease in net assets is calculated
according to Item 4, Paragraph 1, Article 23 of the Ordinance for Enforcement of the Corporation Tax Act.

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(3) Financial Position

Fiscal period ended
Dec. 2021
Fiscal period ended
Jun. 2021

Total assets
Million yen

Net assets
Million yen

80,63384,299Equity ratio

Net assets per unit%

yen

40,082

49.7

103,665

40,391

47.9

104,463(4) Status of Cash Flows

Million yen

Million yen

Million yen

Cash and cash equivalents
at the end of the fiscal
periodMillion yen

5,588

(229)

(4,870)5,101(1,067)(31,017)33,867

4,611

Cash flows fromoperating activities
Fiscal period ended
Dec. 2021
Fiscal period ended
Jun. 2021

Cash flows frominvesting activities

Cash flows fromfinancing activities

2. Forecasts of Management Status for Fiscal Period Ending June 30, 2022 (from January 1, 2022 to June 30, 2022), Fiscal PeriodEnding December 31, 2022 (from July 1, 2022 to December 31, 2022) and Fiscal Period Ending June 30, 2023 (from January 1,
2023 to June 30, 2023)(Percentage figures are the rate of period-on-period change)
Operating revenues Operating income

Fiscal period
ending Jun.
2022
Fiscal period
ending Dec.
2022
Fiscal period
ending Jun.
2023

Ordinary income

Distributions perunit (excluding
distributions inexcess of
earnings)

Net income

Distributions inexcess of earnings
per unit

Distributions perunit (including
distributions inexcess of
earnings)

Millionyen%

Millionyen%

Millionyen%

Million
yen

%

yen

yen

yen

3,704

3.3

1,388

3.3

1,174

4.6

1,174

4.6

3,036

714

3,750

3,722

0.5

1,401

1.0

1,188

1.1

1,187

1.1

3,070

680

3,750

3,672

(1.4)

1,381

(1.4)

1,178

(0.8)

1,177

(0.8)

3,045

705

3,750

(Reference)
Fiscal period ending June 30, 2022 (181 days): Forecast total number of investment units issued and outstanding at end of
the period: 386,656 units, Forecast profit per unit: 3,036 yen
Fiscal period ending December 31, 2022 (184 days): Forecast total number of investment units issued and outstanding at endof the period: 386,656 units, Forecast profit per unit: 3,070 yen
Fiscal period ending June 30, 2023 (181 days): Forecast total number of investment units issued and outstanding at end of
the period: 386,656 units, Forecast profit per unit: 3,045 yen* Other(1) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement(i) Changes in accounting policies associated with amendments to accounting standards, etc.: Yes(ii) Changes in accounting policies other than (i):No
(iii) Changes in accounting estimates:No(iv) Retrospective restatement
No(2) Total number of investment units issued and outstanding(i) Total number of investment units issued and outstanding(including treasury units) at end of period

Fiscal period
Fiscal period
386,656
386,656
Dec. 2021
Jun. 2021
Fiscal period
Fiscal period(ii) Number of treasury units at end of period00Dec. 2021
Jun. 2021(Note) For the number of investment units based on which profit per unit is calculated, please refer to “Notes on regarding
per unit information” on page 32 below.

* Summary of Financial Results is out of scope from the audit by chartered accountant or corporate auditor.

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*

Explanation of Appropriate Use of Forecast of Management Status and Other Matters of Special Note
Forecast of management status and other forward-looking statements contained in this document are based on information that iscurrently available and certain assumptions that are deemed reasonable by Canadian Solar Infrastructure Fund. Accordingly, theactual management status, etc. may differ materially due to various factors. In addition, the forecast is not a guarantee of theamount of cash distributions. For details of the assumptions underlying the forecast of management status, please refer to“Assumptions Underlying Forecast of Management Status for Fiscal Period Ending June 30, 2022 (January 1, 2022 to June 30,2022), Fiscal Period Ending December 31, 2022 (July 1, 2022 to December 31, 2022) and Fiscal Period Ending June 30, 2023
(January 1, 2023 to June 30, 2023),” described on or after page 13 below.

-3-1. Management Policy and Management Status(1) Management Status
I. Overview of the Fiscal Period under Review
a. Brief History of Canadian Solar Infrastructure Fund
Canadian Solar Infrastructure Fund, Inc. (hereinafter referred to as “CSIF”) was established on May 18, 2017 with money
invested of 150 million yen (1,500 units) by Canadian Solar Asset Management K.K. (hereafter referred to as the “AssetManager”) as the founder under the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951 including
subsequent amendments; hereinafter referred to as the “Investment Trusts Act”). Registration with the Kanto Local Finance
Bureau was completed on June 9, 2017 (registration number 127, filed with the Director of the Kanto Local Finance Bureau).
CSIF issued additional investment units (177,800 units) through a public offering on October 27, 2017, listed its investment
units on Tokyo Stock Exchange Inc.’s (hereinafter referred to as the “Tokyo Stock Exchange”) Infrastructure Fund Market on
October 30, 2017 (security code: 9284), and issued new investment units (2,890 units) through third-party allotment on
November 28, 2017.
In addition, CSIF issued new investment units (46,667 units) through public offering on September 5, 2018 and issued newinvestment units (2,333 units) through third-party allotment on October 4, 2018.
CSIF then issued new investment units (151,500 units) through public offering on March 5, 2021 and issued new investment
units (3,966 units) through third-party allotment on April 7, 2021.
As a result of the above, the total units issued at the end of the fiscal period under review (as of December 31, 2021) were386,656 units.
b. Investment Environment
Real GDP in July-September 2021 declined by 0.9% quarter on quarter (3.6% on an annualized basis), as consumer spending
and capital expenditures slumped on the double whammy of the spread of the Delta variant and supply constraints in theautomotive sector, pushing GDP growth well into negative territory. In October-December 2021, the pace of growth appears tohave picked up again as Japan somewhat belatedly joined other nations in learning to live with COVID-19 and the supply
constraints in the automotive sector also started to ease and, as of January 21, 2022, high growth is forecast, with real GDP
estimated to have grown by 6.6% on an annualized basis. However, the pace of growth is expected to slow again in JanuaryMarch 2022. The rapid spread of the Omicron variant led to sharp decline in the flow of people during January, and a decline in
consumer spending in January-March 2022 is considered inevitable. However, the experiences of other nations indicate that the
downward pressure from the Omicron variant is not only fast-spreading but also quick to subside and the adverse effects are
expected to have diminished considerably by March.
On the stock market in Japan, the Nikkei Stock Average entered an adjustment phase after reaching ¥30,467 on February 16,
2021, a phase which lasted into the second half of the year. However, after hitting ¥27,013, its lowest level in all of 2021, on
August 20, 2021, the Nikkei Stock Average rallied sharply on September 3 after then Prime Minister Yoshihide Suga announced
that he planned to quit, reaching ¥30,670, its highest level since August 1990 and its highest level in all of 2021, on September
14. The benchmark index subsequently took a downturn after Fumio Kishida won the LDP presidential election on September
29 and, after seesawing through to the end of the year, closed at ¥28,791 on December 30, its highest year-end close since 1989.
Meanwhile, the Infrastructure Fund Market saw growing interest among investors in the accelerated introduction of renewables
as part of Japan's decarbonization measures and, as a result, the TSE Infrastructure Fund Index added to the significant gains
made in the second half of 2020, continuing to climb through the first half of 2021 and reaching a record high of 1,201.71 points
on June 9. However, in the second half of 2021, changes were more muted, with the index seesawing within a very narrow range.
Then, at the beginning of November, the TSE Infrastructure Fund Index entered an adjustment phase, triggered by theannouncement of public offerings by two infrastructure funds, standing at 1,117.22 points on December 30, which was slightly
low compared with the end of the 2020.
"Curtailment," which is implemented by an electricity transmission and distribution business operator (Note 1) to adjust the
supply-demand balance, was implemented by Kyushu Electric Power Transmission and Distribution Co., Inc., with respect to“renewable energy power generation facilities” (Note 2) held by CSIF, for one day in July, four days in September, 11 days in
October, five days in November, and one day in December, totaling 22 days during the period under review. This was much lessfrequent than in the previous period.
Kyushu Electric Power Transmission and Distribution Co., Inc. revised its curtailment operation procedures from FY2021.
When the number of days of curtailment for a business operator subject to the old rule (Note 3) is expected to exceed 30 days inany fiscal year, Kyushu Electric Power Transmission and Distribution Co., Inc. will now uniformly curtail (apply the same
curtailment pattern (% curtailment of plant's rated output) to uniformly curtail by the hours and amount necessary) all business
operators subject to the designated business operator rule (Note 3), whilst making full use of the maximum 30 days’ curtailment-4-

for business operators subject to the old rule. However, under the current curtailment operation procedures, business operators
subject to the old rule are subject to so-called offline curtailment (curtailment of photovoltaic power generation facilities whichhave not installed a system for online curtailment (curtailment of photovoltaic power generation facilities with a remote output
controller installed; the same will apply below); the same will apply below) and, since under this curtailment arrangement, thecurtailment percentage is higher than for online curtailment applied to business operators subject to the no time limit, nocompensation rule (Note 3), CSIF is encouraging power plants of business operators subject to the old rule to also shift to theonline curtailment arrangement. All power plants in the Kyushu Electric Power jurisdiction owned by CSIF are subject to the
30-day rule for curtailment but they are gradually shifting to the online curtailment arrangement, and nine power plants, with the
exception of CS Hiji-machi Dai-ni Power Plant, have completed the shift as of the end of the fiscal period under review.
Although some electric power companies in other regions have also disclosed policies relating to renewable energy
curtailment, as of the end of the fiscal period under review, no further curtailments have been instituted.
On October 26, 2020, at the 203rd extraordinary session of the Diet, then Prime Minister Yoshihide Suga declared the goal ofachieving overall zero emissions of greenhouse gases by 2050, that is the creation of a carbon neutral, decarbonized society.
Since this declaration, activities for the realization of a decarbonized society have picked up pace, and with countries announcing
their targets for slashing greenhouse gas emissions at a global climate summit held in April 2021, Japan also set a new 2030
reduction target of 46% compared with 2013 levels and announced that it would continue its challenge towards a 50% reduction.
This represents a drastic increase from Japan's previous target of a 26% reduction.
Then, in June 2021, the Ministry of Economy, Trade and Industry published the FY2020 Annual Report on Energy (Japan's
Energy White Paper 2021). This report includes an analysis under the heading "Changes in the situation concerning energy" tothe effect that while more and more countries, including Japan, are declaring that they will become carbon neutral, private-sector
enterprises are also stepping up initiatives for decarbonization, with an increase in ESG investment and diversification of
investment strategies in the financial services sector and an increasing number of non-financial corporations signing up to the
RE100 initiative or otherwise declaring that they will become carbon neutral. In some cases, companies are not only reducing
greenhouse gas emissions associated with their own energy consumption but are also seeking to reduce the carbon footprint intheir supply chains (and using carbon trading to achieve targets) and low-carbon energy access will affect competitiveness as alocation for industry in the future (in competition between countries and competition between cities and regions). Under theheading "Path to becoming carbon neutral by 2050," the report also stresses that to realize a carbon neutral society, it is necessary
to pursue decarbonization through expansion of low carbon resources in the electricity sector and through electrification, use ofhydrogen for heating where electrification is impossible, and capture and reuse of any remaining CO2 (conversion to methaneor synthetic fuel, etc.) in non-electricity sectors (industrial, consumer and transport sectors).
Furthermore, on October 22, 2021, the Cabinet approved the 6th Strategic Energy Plan. The 6th Strategic Energy Plan indicatesthe direction of energy policies for achievement of carbon neutrality by 2050 (goal declared in October 2020) along with the newtarget of reducing greenhouse gas emissions by 46% by FY2030 and trying to push the reduction as high as 50% (targets declaredin April 2021) (Note 5). It positioned "overcoming issues in Japan’s energy supply-and-demand structure" as an important theme(Note 5) and committed to maximizing efforts to realize Japan’s goal of “S+3E” (the conventional three E’s of energy security,
economic efficiency, and environmental protection, plus safety) (Note 5).
It states that a crucial part of energy policies for 2030 (Note 5) is to ensure, with “S+3E” as the basic premise, that renewables
become a major power source and to focus on renewables as an overriding principle, encouraging maximum adoption whilst
reducing the impact on Japanese people and seeking co-existence with local communities (Note 5). It goes on to list as specificinitiatives (i) ensuring renewables are developed in the right places, coexisting with local communities, (ii) tightening project
discipline, (iii) reducing costs and integrating renewables into the energy market, (iv) overcoming grid constraints, (v)rationalizing regulation and (vi) promoting the development of technologies (Note 5).
The ambitious new power-source composition for 2030 would be 36-38% for renewable energies (up from 22-24% in thecurrent projected mix), 20-22% for nuclear power (unchanged), 20% for LNG (down from 27%); 19% for coal (down from26%), and 2% for oil (down from 3%). The renewable energy mix would be 14-16% for solar power, 5% for wind power, 1%
for geothermal power, 11% for hydroelectric power, and 5% for biomass.
Regarding legislation to promote the introduction of renewables, detailed designs (detailed design of FIP system, detailed
design of system for nullifying approvals, reserve of demolishing costs for solar power generation facilities) of amendments to
the Act on Special Measures Concerning Procurement of Electricity from Renewable Energy Sources by Electricity Utilities(hereinafter referred to as the "2020 Amendment to the Renewable Energy Special Measures Act") included in the Act to Partially
Amend the Electricity Business Act and other Acts to Establish a Resilient and Sustainable Electricity Supply System (hereinafterreferred to as the "Act for Establishing Energy Supply Resilience") have been examined by METI's various subcommittees andworking groups, and progress has been made on the task of revising government and ministerial ordinances and METI notices
based on the results of these examinations, in anticipation of enforcement in April 2022. For details of the risks which might-5-arise as a result of such amendment, please refer to "I. Fund Information, 1. Fund Status, 3. Investment Risks" in the most recent
annual securities report (submitted on September 29, 2021).
Given that the basic policy for the detailed design of a market-based FIP scheme is that the FIP scheme is a step towards
creating a renewable energy market which is FIT-independent, each constituent element of the FIP scheme is designed as anintermediate step away from the FIT scheme towards competition with other power sources under the same conditions. However,since the photovoltaic power generation facilities, etc. currently owned by CSIF sell electricity under the FIT scheme and thebasic framework for selling electricity under the FIT scheme now in operation will not change even after enactment of the 2020
Amendment to the Renewable Energy Special Measures Act, it is considered unlikely that the purchase prices of the photovoltaic
power generation facilities of CSIF currently operating under the FIT scheme will be affected.
As for the detailed design of the system for nullifying approvals, it was proposed that nullification decisions should be madebased on whether sufficient progress has been made at the point falling one year after the commercial operation date (COD)
deadline. However, since the photovoltaic power generation facilities, etc. owned by CSIF have already started selling electricity
under the FIT scheme, even when the abovementioned system for nullifying approvals is introduced, certification of thephotovoltaic power generation facilities, etc. owned by CSIF will not be nullified as a result.
As for the system to ensure a reserve of demolishing costs for solar power generation facilities (Note 6), (i) this will apply to
all FIT- and FIP-certified solar projects (includes multiple solar projects) of 10 kW or more. (ii) As for the reserve method, the2020 Amendment to the Renewable Energy Special Measures Act stipulates that certified solar project developers must reserve
the demolishing costs externally at the Organization for Cross-regional Coordination of Transmission Operators (OCCTO)
through direct withholding of the required amounts from revenue, in principle. The 2020 Amendment to the Renewable Energy
Special Measures Act stipulates that such external reserves for FIT-certified projects should be made via the utilities that are
obliged to purchase the electricity. More specifically, it has been decided to design a system to enable the offset of demolishingcost reserves and purchasing costs between FIT-certified project developers and the utilities obliged to purchase the electricity
and the offset of demolishing cost reserves and premiums between the utilities obliged to purchase the electricity and the body
implementing the system. (iii) As for the level of reserves and the unit price, the estimated demolishing costs used to calculate
the procurement price (in the case of the FIT scheme) and the reference price (in the case of the FIP scheme) will be set according
to capacity utilization factor on a per 1 kWh of electricity supplied basis. The 2020 Amendment to the Renewable Energy Special
Measures Act stipulates that the demolishing reserve base price (the amount to be reserved per 1 kWh of electricity supplied by
the certified project developer) will be determined in line with the opinion of the Procurement Price Calculation Committee, and
the Procurement Price Calculation Committee published its opinion on the demolishing reserve base price in light of theforegoing in "Opinion on procurement price for FY2021 (April 2021 to March 2022) and beyond" (released in January 2021).
(iv) As for the timing and frequency of reserve deposits, demolishing costs must be reserved from 10 years prior to the end of
the applicable procurement period or period for which the premium will be granted and are to be deposited upon payment of the
procurement price payment or the granting of premiums (currently monthly). (v) Regarding the internal reserve of demolishingcosts, which is permitted in exceptional cases, projects which satisfy stringent conditions in relation to long-term stable power
generation and funding will also be permitted to reserve demolishing costs internally, in order to encourage long-term stable
power generation projects and minimize demolishing due to replacement and suchlike. An entity reserving demolishing costs
internally will be required to deposit them in a bank account which can only be used for specific purposes or record them infinancial statements audited by an accountant who is obliged to disclose information to financial instruments exchanges, and it
will also be required to secure them with insurance or a guarantee to increase the probability of funding demolishing. (vi) The
mandatory reserve system will be introduced on July 1, 2022 and will gradually phased in according to the end date of the
procurement period or grant period of each project. The Demolishing Reserve Guidelines which were subsequently publishedby the Agency for Natural Resources and Energy in September 2021 stated in regard to the scheme for so-called listed
infrastructure funds that given the low risk of a change in project operator or cessation of a power generation project during the
procurement period/delivery period, provided that the agreement between the investment corporation and the actual certified
project operator can be verified to contain provisions indicating that the two parties are financially and organizationally bundled,for example, cash flows showing both parties use the same revenue from electricity sales to fund the project, restrictions onagreement cancellation by lessee, or restrictions on the use of power generation facilities or the land on which they are installed
for other purposes, then the investment corporation will be deemed to be "another corporation considered to be financially andorganizationally bundled with the certified project operator." This means that a listed infrastructure fund which properly records
demolishing costs in its financial statement and satisfies other given conditions will be permitted to secure funds by reserving
demolishing costs internally.
While not part of the amendments under the Act for Establishing Energy Supply Resilience, discussions on adjustments topower producer-side charges (previously referred to as "power producer-side base charges") in relation to FIT energy sourceswere resumed at the Subcommittee on the Large-volume Introduction of the Renewable Energy and Next Generation Electric-6-

Network in May 2021.
Firstly, the figure indicated as the national average maximum amount payable per kWh of solar power produced due to theintroduction of kWh charges was 0.97 yen/kWh compared to 1.45 yen/kWh, as previously indicated.
It was further indicated that, in the case of projects that had already been approved, the pass-through of charges to retail electricbusiness operators (in the case of purchase by retail electric business operators) and equivalent adjustments (in the case ofpurchase by electricity transmission and distribution business operators) would reduce the amount payable by an average of 0.5
yen and that the average amount payable in real terms would be 0.47 yen.
Adjustment of the amount still payable after pass-through in the case of approved projects involving purchase by retail electricbusiness operators was also discussed. However, it was decided that further deliberation was needed due to differing opinions
on adjustment for solar power for projects during the period under consideration for profit margin analysis. CSIF will monitor
the outcome of the discussions as these system changes could affect the assets owned by CSIF and any renewable energy power
generation facilities, etc. CSIF may acquire in the future.
The government has also said that it will put forth a policy for developing a next generation electricity supply network topromote renewables and will develop a large-capacity electricity supply network to supply renewable energy to urban areas withhigh power consumption. Apparently due to be unveiled as part of the Clean Energy Strategy, which is to be prepared by June
2022, the policy assumes total planned investment of more than 2 trillion yen, together with a government-wide push to encourage
private sector investment. It is said to list as priorities for development (i) the construction of a new electricity supply network
linking Hokkaido and Tohoku/Tokyo, (ii) expansion in Kyushu and Chugoku, and (iii) expansion in Hokuriku, Kansai and Chubu.
It has previously been pointed out that interconnection lines for power exchange between different regions are insufficient but
the government has indicated that it plans to strengthen these, and to review regulation which currently gives thermal power
plants priority to use the electricity supply network and increase allocations for renewables.
(Note 1) For the purposes of this report, the term "electricity transmission and distribution business operator" collectively refers to a "generalelectricity transmission and distribution business operator" defined in Article 2, Paragraph 1, Item 9 of the Electricity Business Act and"specified electricity transmission and distribution business operator" defined in Article 2, Paragraph 1, Item 13 of the Electricity Business
Act.
(Note 2) For the purposes of this report, the term "renewable energy power generation facilities" refers to renewable energy power generation
facilities (excludes facilities which fall into the category of real estate) defined in Article 2, Paragraph 3 of the Act on Special Measures
Concerning Procurement of Electricity from Renewable Energy Sources by Electricity Utilities (Act No. 108 of 2011, including subsequent
amendments; hereinafter referred to as the Renewable Energy Special Measures Act). For the purposes of this report, the term "renewableenergy power generation facilities, etc." collectively refers to renewable energy power generation facilities as well as real estate, real estateleases (includes subleases) or land lease rights (hereinafter referred to as the “site, etc.”) necessary to install, maintain and operate
renewable energy power generation facilities. Hereinafter, any mention of "renewable energy power generation facilities" or "renewableenergy power generation facilities, etc." which CSIF is said to have invested in or acquired or operate shall also covers "renewable energy
power generation facilities" and "renewable energy power generation facilities, etc." that support CSIF's assets under management. The same
shall apply hereunder. Renewable energy may also hereinafter sometimes be referred to as "renewables."(Note 3) Even when a grid-connected business operator has implemented the preventive measures defined in the Ordinance for Enforcement of the
Act on Special Measures Concerning Procurement of Electricity from Renewable Energy Sources (METI Ordinance No. 46 of 2012,
including subsequent amendments), if the amount of electricity supplied by grid-connected business operators is expected to exceed demand,
curtailment without compensation under the connection agreement may be required. The rule setting the maximum number of days of suchcurtailment at 30 days a year (360 hours a year in some cases) is referred to as the "30-day rule" (the rule setting a maximum of 360 hours
per year is referred to as the "360-hour rule") and the 30-day rule and the 360-hour rule are referred to collectively as the "old rule" andbusiness operators to which the old rule applies are referred to as "business operators subject to the old rule." The rule which allows gridconnected business operators to request curtailment without a time limit and without compensation is referred to as the "no time limit, nocompensation rule" and the business operators to which the no time limit, no compensation rule applies are referred to as "business operators
subject to the no time limit, no compensation rule." Prior to April 1, 2021, designated business operators (Note 4) were allowed to request
curtailment without a time limit and without compensation only for renewable energy power generation facilities for which such business
operators applied for connection once additional applications were no longer being accepted unless curtailment of output in excess of thecurtailment limit under the old rule is implemented. This rule is referred to as the "designated business operator rule" and the business
operators to which the designated business operator rule applies are referred to as "business operators subject to the designated business
operator rule." The no time limit, no compensation rule has been applied to all renewable energy power generation facilities for whichapplication for connection was made on or after April 1, 2021, and with effect April 1, 2021, the designated business operator ruletransitioned to the no time limit, no compensation rule, and business operators subject to the designated business operator rule became
business operators subject to the no time limit, no compensation rule. The same shall apply hereunder. Whilst the above information was
published prior to April 1, 2021, the parts which relate to "business operators subject to the designated business operator rule" can also be
considered applicable to "business operators subject to the no time limit, no compensation rule" from April 1, 2021 onwards.
(Note 4) The term "designated business operators" means designated business operators defined in Article 4, Paragraph 1, Item 11 of the Order for
Enforcement of the Act on Special Measures Concerning Procurement of Electricity from Renewable Energy Sources by Electricity Utilities
before the revision which came into force on April 1, 2021. The term refers to business operators designated by the Minister of Economy,
Trade and Industry as business operators in relation to which unless specified contract business operators (as defined in Article 14, Paragraph
1, Item 1 of said Order) implement the type of curtailment of output in excess of the curtailment limit of certified power generation facilities(renewable energy power generation facilities pertaining to certification, which are limited to the type of the facilities designated by the-7-Minister of Economy, Trade and Industry) which they are allowed to demand of specified contract applicants (as defined in Article 14,
Paragraph 1, Item 2 of said Order) without compensation pursuant to the provision of Item 8 (a) of said Paragraph, specified contract
business operators are expected to become unable to additionally accept the electricity generated by such renewable energy power generation
facilities.
(Note 5) All the above information is based on the "Outline of the Basic Energy Plan" published by the Agency for Natural Resources and Energy in
October 2021.
(Note 6) The term “photovoltaic power generation facilities” refers to renewable energy power generation facilities that generate electricity using
sunlight as an energy source. The same shall apply hereunder. The term “photovoltaic power generation facilities” refers to photovoltaic
power generation facilities as well as their site, etc. The same shall apply hereunder.

c. Management Performance
During the previous fiscal period, CSIF acquired two facilities (total panel output (Note 1) of 60.9 MW and total acquisition
price (Note 2) of ¥30,590 million) on March 8, 2021, using part of the proceeds from a public offering and borrowings. As aresult, it held a portfolio consisting of 25 facilities with a total panel output of 183.9 MW, a total acquisition price of ¥80,000
million, and a total price (Note 3) of ¥77,172 million as of the end of the previous fiscal period and became the largest operator
among listed infrastructure funds.
During the fiscal period under review, CSIF did not acquire any new assets nor sell any of the assets it owns but it continued
to be the largest operator among listed infrastructure funds as of the end of the fiscal period under review.
(Note 1) “Panel output” shall mean output calculated by multiplying rated output per solar cell module (meaning the maximum output stated in
specifications of solar cell module) used in each solar energy facility by the total number of panels. "Total panel output" shall mean the
total panel output rounded off to one decimal place. The same shall apply hereunder.
(Note 2) “Acquisition price” shall mean the sale and purchase price (excluding outsourcing service fees and other acquisition expenses related tothe acquisition of assets, property-related taxes, urban planning taxes, consumption taxes and other fees and charges) described in the saleand purchase agreement pertaining to each asset acquired. It shall be rounded down to the nearest ten million yen. "Total acquisition price"is the total of the sale and purchase prices described in the sale and purchase agreements pertaining to each asset acquired. It shall be
rounded down to the nearest ten million yen. The same shall apply hereunder.
(Note 3) “Price” shall mean the total intermediate value calculated by CSIF pursuant to paragraph 1, Article 41 of its Articles of Incorporation, using
the appraised value as of December 31, 2021, in the range stated in the valuation report obtained from PricewaterhouseCoopers
Sustainability LLC. for the renewable energy power generation facilities at power plants from S-01 through S-18. The appraised value of
renewable energy power generation facilities at power plants from S-19 through S-25 is the total appraised value which is rounded down
to the nearest million yen as of December 31, 2021, stated as the median in the valuation report obtained from Kroll K.K.

d. Overview of Financing
In the fiscal period under review, CSIF did not raise any additional funds, including the issuance of new investment units,
borrowing of funds, and issuance of investment corporation bonds. However, during the fiscal period under review, CSIF madea repayment of ¥2,300 million by the consumption tax refund and a contractual repayment of ¥1,138 million at the end of the
fiscal period under review, bringing the total amount of interest-bearing debt as of the end of the fiscal period under review to¥39,937 million (amount of borrowings ¥35,037 million and amount of investment corporation bonds ¥4,900 million).
Consequently, the ratio of interest- bearing debt to total assets (ratio of interest-bearing debt to total assets at the end of fiscal
period) was 49.5%.
CSIF received a bond rating for its First Unsecured Investment Corporation Bonds from the following rating agency.
Rating status of CSIF as of the date of this document
Rating Agency

Rating Subject

RatingRating Outlook

Japan Credit Rating Agency,
Ltd. (JCR)

The 1st Unsecured Investment Corporation Bond
(Specified investment corporation bonds with limited
inter-bond pari passu clause and for qualified institutional
investors only)

A

-

-8-

CSIF received a credit rating from the following rating agency
Rating status of CSIF as of the date of this document
Rating Agency
Rating and Investment
Information, Inc. (R&I)
Japan Credit Rating Agency,
Ltd. (JCR)

Rating Subject

RatingRating Outlook

A-

StableA

StableLong-term Issuer Ratinge. Overview of Business Performance and Distributions
As a result of the management described above, the business results in the fiscal period under review included operating
revenue of ¥3,587 million, operating income of ¥1,344, ordinary income of ¥1,123, and net income of ¥1,122 million.
With respect to distributions, the cash distribution policy set out in Article 47, Paragraph 1 of the Articles of Incorporation of
the Investment Corporation stipulates that the amount of distributions shall exceed the amount equivalent to 90% of “profit
available for distribution" as provided for in Article 67-15 of the Act on Special Measures Concerning Taxation (Act No. 26 of1957 including subsequent amendments, hereinafter the “Special Measures Taxation Act").
In addition, distributions in excess of earnings are calculated on the premise that such distributions will generally be made inaccordance with the cash distribution policy prescribed in CSIF’s Articles of Incorporation and the Asset Manager’s asset
management guidelines formulated as part of its internal regulations.
CSIF intends to make cash distributions to its unitholders for each fiscal period from free cash flow (hereinafter referred to as“FCF”) generated by its renewable energy power generation facilities, in amounts determined in the following manner. The
amount available for distribution shall be calculated by multiplying FCF, that is net cash flow (hereinafter referred to as“NCF”; CSIF shall incorporate the total amount of NCF remaining after deducting distributions for the preceding fiscal periods
in calculating NCF) to be vested to equity investors after deducting FCF payable to debt investors, by a certain ratio (hereinafterreferred to as “payout ratio”; the payout ratio for the 9th fiscal period is 82.3%) determined by CSIF in light of the amount of
NCF for each fiscal period.
At the same time, CSIF intends to maintain a stable level of distributions for the time being. In determining the payout ratio
described above, CSIF will consider the forecast NCF for each fiscal period to realize that level of distributions.
In addition to a cash distribution within the range of profit, CSIF intends to make distributions in excess of earnings for eachfiscal period on a continuous basis in order to realize this policy.
In developing its performance forecast (including any revisions thereof) for each fiscal period, in the case where NCF
calculated from actual energy output in a fiscal period (hereinafter referred to as “actual NCF”; CSIF shall incorporate thetotal amount of NCF remaining after deducting distributions for the preceding fiscal periods in calculating actual NCF) exceeds
NCF projected for the fiscal period (hereinafter referred to as “projected NCF”; CSIF shall incorporate the total amount of
NCF remaining after deducting distributions for the preceding fiscal periods in calculating projected NCF) on the basis of anenergy output value projected by professional specialists (P50) (Note) which forms the foundation for the calculation of rents
with regard to the renewable energy power generation facilities, CSIF intends to limit the cash distribution to the amount ofprojected NCF multiplied by the payout ratio for said fiscal period.
On the other hand, in the case where actual NCF is equal to or below projected NCF, CSIF intends to make a cash distribution
for the fiscal period at the amount of actual NCF multiplied by the payout ratio.
Based on the above policy, CSIF decided to make a distribution for the fiscal period under review of ¥1,449,960,000,
equivalent to 82.3% of projected NCF for the period of ¥1,761,854,843, of which distribution in excess of earnings is¥327,884,288 after deducting dividends for the period of ¥1,122,075,712. Dividend per investment unit is ¥3,750 for the fiscal
period under review, an increase of ¥50 compared with the previous fiscal period.
(Note) For a definition of "energy output value projected by professional specialists (P50)" in the context of this report,
please refer to "Assumptions Underlying Forecast of Management Status for Fiscal Period Ending June 30, 2022
(January 1, 2022 to June 30, 2022), Fiscal Period Ending December 31, 2022 (July 1, 2022 to December 31, 2022),
and Fiscal Period Ending June 30, 2023 (January 1, 2023 to June 30, 2023).

II. Outlook for the Next Fiscal Perioda. Outlook for the Future Management
When considering the outlook for the Japanese economy in FY2022, the status of the COVID-19 pandemic needs to be kept
in mind. Japan, alongside other developed nations, made fast progress on its COVID-19 vaccine rollout in the second half of2021 and, as of January 26, 2022, 78.7% of the population was fully vaccinated with the second dose, beating inoculation rates-9-

in the US and Europe. As a result, COVID-19 numbers were kept fairly low and, especially from October, Japan saw a burst of
economic activity, fueling expectations for recovery. However, in early December, the highly transmissible Omicron variant
emerged and has continued to spread all around the world. The situation in Japan has also been unpredictable since the beginningof January 2022, with case numbers rapidly rising. Assuming that the pandemic drags on, some degree of restriction on economic
activity is inevitable until a significant proportion of the population has received a third dose of a COVID-19 vaccine. On theother hand, given that the risk of hospitalization has been found to be lower for the Omicron variant than for the previous Deltaand other variants and that developments such as the vaccine rollout and the development of treatments are likely to bolster the
economy's capacity to make a self-sustained recovery in Japan, there may be grounds to expect that the pace of recovery will bequicker than in 2021.
With respect to the environment surrounding photovoltaic power generation facilities that are included in renewable energy
power generation facilities, as stated in “(I. Overview of the Fiscal Period under Review) b. Investment Environment” above,the 6th Basic Energy Plan states that a crucial part of energy policies for 2030 (Note) is to ensure, with “S+3E” as the basic
premise, that renewables become a major power source and to focus on renewables as an overriding principle, encouraging
maximum adoption whilst reducing the impact on Japanese people and seeking co-existence with local communities (Note), andthe 2030 energy mix also indicates an increase in the share of renewables, setting ambitious forecasts.
On the other hand, as stated in “(I. Overview of the Fiscal Period under Review) b. Investment Environment” above, thecurtailment that requires renewable energy power generation operators to temporarily suspend power generation throughphotovoltaic power generation facilities, etc. was resumed in areas under the jurisdiction of Kyushu Electric Power from October
2019. However, if renewable energy adoption continues to expand in the future, curtailment may also be implemented in otherregions besides the Kyushu region such as the Tohoku region and the Chugoku region. At a meeting of experts (Working Groupon Grid Connection of Electricity and Gas Basic Policy Subcommittee) held on December 15, 2021, the 2022 curtailment
forecasts were announced. It was announced that, in the daytime light load season in April-May 2022, there was a higher
possibility of implementation of curtailment in areas under the jurisdiction of the Tohoku Electric Power Network Co., Inc. the
Hokkaido Electric Power Network, Inc., the Shikoku Electric Power Transmission & Distribution Company, Inc., and the
Okinawa Electric Power Company, Inc. respectively. It was also announced that 10-500 kW commercial solar photovoltaic
systems connected to the grid under the old rule, which were previously not subject to curtailment, will also become subject tocurtailment. Furthermore, at a meeting of the Subcommittee on Mass Introduction of Renewable Energy and Next-Generation
Electricity Networks held on December 24, 2021, the idea that lowering the minimum output of thermal power generation
facilities would be an effective way to reduce the curtailment of renewables was put forward. Further consideration of this idea
could potentially lead to solar power generation facilities that are currently subject to curtailment being less affected in the future.
Producer-side charges are being considered, as described in “b. Investment Environment” under “I. Overview of the Fiscal
Period under Review” above, and details were previously expected to be determined by the end of the FY2021. However, the
6th Basic Energy Plan outlines the intention to continue considering the matter including the need for introduction, and based on
the judgment that, given the circumstances, a decision is unlikely any time soon, the Subcommittee on Mass Introduction of
Renewable Energy and Next-Generation Electricity Networks indicated, at its meeting on December 24, 2021, a plan to consider
the nature of recovery of expenses relating to transmission and distribution including producer-side charges with FY2024 inmind and to aim to reach a conclusion during FY2022.
As described in “b. Investment Environment” under “I. Overview of the Fiscal Period under Review” above, with respect tothe 2020 Amendment to the Renewable Energy Special Measures Act, progress is being made on the task of revising government
and ministerial ordinances and METI notices, etc. based on consideration of detailed designs, such as the FIP system, system fornullifying approvals and reserve of demolishing costs for solar power generation facilities to be introduced under the Act, in
anticipation of enactment of the amended Act in April 2022.
(Note) All the above information is based on the "Outline of the Basic Energy Plan" published by the Agency for Natural
Resources and Energy in October 2021.
b. Future Management Policy(i) External Growth Strategy
The Canadian Solar Group (Note 2), which is the Sponsor Group (Note 1) of CSIF, adopts the vertical integration model(Note3) that has developed mainly in the photovoltaic power generation market in Europe and America and applies this modelin the global market, including Japan. CSIF considers that mutual cooperation between the Group and CSIF (engaging ininvestment in and management of photovoltaic power generation facilities) through the Sponsor Group based on the vertical
integration model for the construction of the value chain (Note 4) with the aim of creating mutual value should lead to theenhancement of value for unitholders.
Specifically, CSIF intends to increase assets by utilizing the preferential trading negotiation right granted by the Sponsor- 10 -

Group and acquiring photovoltaic power generation facilities, etc. whose value is high from the pipelines of the Sponsor.
Meanwhile, in February 2021, Canadian Solar Inc., one of the world's largest solar power companies and CSIF's Sponsor,
partnered with Macquarie Advisory & Capital Solutions (hereinafter referred to as "Macquarie"), the advisory and capital
markets arm of the Macquarie Group (ASX:MQG) to establish Japan Green Infrastructure Fund (hereinafter referred to as the"Fund"), which will invest in renewable energy power generation facilities, etc., in Japan. The Fund has secured ¥22 billion ofcommitted capital from investors including Canadian Solar Inc. and Macquarie. This capital will be used to develop, build andaccumulate new renewable energy power generation facilities, etc. in Japan. The Fund aims to catalyze large-scale investments
within its six-year fund term. It will indirectly invest in renewable energy power generation facilities, etc. developed andoperated by Canadian Solar Inc., CSIF's Sponsor, by holding a silent partnership equity interest (hereinafter referred to as the"Silent Partnership Equity Interest") in SPCs of the Sponsor Group which own said renewable energy power generation
facilities, etc. These renewable energy power generation facilities, etc. will be subject to the preferential trading negotiationright granted to CSIF and the Asset Manager by the Sponsor in accordance with the Sponsor Support Agreement executed
between CSIF, the Asset Manager and the Sponsor. In addition to said preferential trading negotiation right granted under theSponsor Support Agreement, CSIF and the Asset Manager have also acquired a preferential trading negotiation right in relation
to the Silent Partnership Equity Interest held by the Fund in accordance with an Agreement Concerning Granting ofPreferential Negotiation Right executed on March 30, 2021 between CSIF, the Asset Manager and Green Infrastructure Fund
Pte. Ltd., which is the General Partner of the Fund. CSIF believes that establishment of the Fund will accelerate thedevelopment of projects by the Sponsor, thereby enhancing the sponsor pipeline and opening up further opportunities for CSIF.
Furthermore, CSIF will strive to expand growth opportunities by aiming to actively acquire renewable energy power
generation facilities, etc. held by persons other than the Sponsor Group by utilizing the Sponsor Group’s networks of brokers
and power producers, in addition to the two pipeline routes described above.
(Note 1) The “Sponsor Group” collectively refer to (i) the Sponsor (Canadian Solar Projects K.K.), (ii) special purpose companies (they may behereinafter referred to as “SPCs”), partnerships or other funds with which the Sponsor has entered into the asset management service
agreement, (iii) Canadian Solar O&M Japan K.K. (it may be hereinafter referred to as “CSOM Japan”) and (iv) special purpose
companies, partnerships or other funds in which the Sponsor or its subsidiary own a majority interest. The same shall apply hereunder.
(Note 2) The “Canadian Solar Group” refers to the consolidated corporate group with Canadian Solar Inc. (headquartered in Canada) at the top towhich the Sponsor (Canadian Solar Projects K.K.) belongs. The same shall apply hereunder.
(Note 3) The term "vertically integrated model" means a business model where a broad spectrum of business domains across the photovoltaic market,
ranging from the planning, manufacture and sales of solar modules to the provision of EPC and O&M services, are vertically integrated. The
same shall apply hereunder.
(Note 4) The term "value chain" generally refers to a relationship between processes such that value is added cumulatively to products and services
with each process.

(ii) Internal Growth Strategy
CSIF contracts out O&M (Note) to CSOM Japan, which is a wholly owned subsidiary of the Sponsor and provides O&M
services in Japan, in principle, for the availability of homogeneous O&M services to the extent that CSIF considers essential.
CSIF aims to thereby reduce the operational risk and operating costs by utilizing the services of CSOM Japan and placing a
blanket order, respectively.
By making the most of the strong operation and management abilities realized by utilizing the global monitoring platform of
the Sponsor Group in the early discovery and repair of failures of power generation facilities, CSIF will aim to reduce the lossof power generation. In addition, CSIF will implement the appropriate repair and facilities replacement of assets undermanagement to maintain and enhance the value of assets from the medium- to long-term perspective, thereby securing stablerevenue in the medium to long term.
In response to the curtailment implemented by Kyushu Electric Power described in “b. Investment Environment” under “I.
Overview of the Fiscal Period under Review” above, CSIF performed construction for online curtailment at each of the power
generation plants which are assets in its portfolio as did in the previous fiscal period. While all the power plants under Kyushu
Electric Power's jurisdiction owned by CSIF are subject to the 30-day rule for curtailment, the above construction required foronline curtailment allows a shift from the previous all-day curtailment to hourly curtailment and reduction of a decrease inlease revenue caused by curtailment. In addition, curtailment within a day is counted as one day regardless of the duration,
which allows the power plant to respond to curtailment during peak demand for electricity while complying with the 30-day
rule. As a result of further progress shifting to the online curtailment arrangement during the fiscal period under review, as ofthe end of the period, all photovoltaic power plants in Kyushu, with the exception of CS Hiji-machi Dai-ni Power Plant, haveshifted to online curtailment (CS Hiji-machi Dai-ni Power Plant is expected to shift to online curtailment in February 2022).
As part of its activities related to the Principles for Responsible Investment (UN PRI), the Asset Manager signed the UN PRI
on August 13, 2019, and established the Approach to the Principles for Responsible Investment at the end of December 2020 as
the basic ESG policy of the Asset Manager. CSIF obtained the following evaluation from the Japan Credit Rating Agency, Ltd.

- 11 -

(JCR) regarding the green finance framework in order to apply for external certification and assessment for its ESG, and its
evaluation was updated in May 2021.
Updated on

Evaluating Agency

May 11, 2021

Japan Credit Rating Agency, Ltd.(JCR)

Evaluation
OverallGreen 1 (F)Greenness (use of proceeds)g 1 (F)Management, Operation and Transparency m 1 (F)(Note) “O&M” is an abbreviation of Operation & Maintenance. The same shall apply hereunder.
CSIF has gradually concluded specified wholesale supplying agreements with respect to its assets, concluding an agreementwith Zero Watt Power Inc. for CS Izu-shi Power Plant, CS Ōgawara-machi Power Plant, CS Daisen-cho Power Plant (A.B), CS
Mashiki-machi Power Plant and CS Hiji-machi Dai-ni Power Plant, and an agreement with Minna-Denryoku, Inc. for CS
Marumori-machi Power Plant, thereby contributing to the sale of clean renewable energy produced at each power plant.
(iii) Financial Strategy
To secure stable revenue and ensure the growth of the managed assets of CSIF, CSIF will consider financing by public offering,borrowings and other means in the acquisition of new assets, while watching changes in the financing environment closely.
c Forecasts of Management Status
Forecast of management status for the fiscal period ending June 30, 2022 (January 1, 2022 to June 30, 2022), the fiscal period
ending December 31, 2022 (July 1, 2022 to December 31, 2022) and the fiscal period ending June 30, 2023 (January 1, 2023 toJune 30, 2023) is as follows. For details of the assumptions underlying the forecast of management status, please refer to“Assumptions Underlying Forecast of Management Status for Fiscal Period Ending June 30, 2022 (January 1, 2022 to June30, 2022), Fiscal Period Ending December 31, 2022 (July 1, 2022 to December 31, 2022) and Fiscal Period Ending June 30,2023 (January 1, 2023 to June 30, 2023)” described below.

Fiscal period ending
Jun. 2022
Fiscal period ending
Dec. 2022
Fiscal period ending
Jun. 2023

Distributions inexcess of
earnings per unit

Distributions
per unit(including
distributions inexcess of
earnings)

Operatingrevenues

OperatingincomeOrdinary
incomeNet income

Distributions
per unit(excluding
distributions
in excess ofearnings)

million yen

million yen

million yen

million yen

yen

yen

yen

3,704

1,388

1,174

1,174

3,036

714

3,750

3,722

1,401

1,188

1,187

3,070

680

3,750

3,672

1,381

1,178

1,178

3,045

705

3,750

III Facts arising after the settlement of accounts
Not applicable- 12 -

Assumptions Underlying Forecast of Management Status for Fiscal Period Ending June 30, 2022 (January 1, 2022 to June 30, 2022),
Fiscal Period Ending June 30, 2022 (January 1, 2022 to June 30, 2022) and Fiscal Period Ending June 30, 2023 (January 1, 2023 toJune 30, 2023)
Item
Calculation period

Portfolio

Assumptions
・ 10th fiscal period :from January 1, 2022 to June 30, 2022 (181 days)
・ 11th fiscal period :from July 1, 2022 to December 31, 2022 (184 days)
・ 12th fiscal period :from January 1, 2023 to June 30, 2023 (181 days)
・ Assumption is that CSIF has 25 photovoltaic power generation facilities, etc. that CISF had at theend of December 2021 (hereinafter refer to as the "Assets in Possession").
・ These forecasts are based on the assumption that there shall have been no changes in thecomposition of CSIF’s portfolio (such as acquisition of new assets and dispositions of Projects
Held, etc.) until the end of the 12th fiscal period, June 30, 2023.
・ CSIF’s portfolio may change, however, due to the acquisition of new assets other than the
Additional Projects or disposal of the Projects Held, among other cases.
・ The lease agreements of the solar energy projects that CSIF intends to acquire will become
effective as of the acquisition date. CSIF’s leasing structure for its solar energy projects will becomprised of basic rent and variable rent as follows. Revenue forecasts for the 10th, 11th and12th fiscal periods are ¥3,704 million, ¥3,722 million and ¥3,672 million, respectively.
a) Basic rent for each solar energy project that CSIF intends to acquire is calculated as follows:
Monthly projected energy output (P50) x (100-Y)% x 70% x FIT purchase price
Monthly projected energy output (P50) (Note 1) (Note 2) refers to such figure disclosed in thetechnical reports (an evaluation report of the system, the capacity, the relevant contracts attachedand continuity (performance degradation and environmental evaluation) of the solar energy
facility) that Canadian Solar Asset Management K.K., the asset manager of CSIF (the “Asset

Operating revenues

Manager”) received from E&E Solutions Inc. Monthly projected energy output (P50) x (100Y) % (Note 3) represents the amount after deduction of fees CSIF pays to the operators and fees
regarding management of the lessee.
b) Variable rents for each solar energy project that CSIF intends to acquire is calculated asfollows:
Monthly actual energy output x (100-Y) % x FIT purchase price – basic rent
Any amount that exceeds the basic rent after multiplying a certain rate of (100-Y) % to themonthly actual energy output for each solar energy project by FIT purchase price will be
captured as a performance-related variable rent. In any case, if the calculation of the variable rent
is a negative number, it shall be deemed to be zero.
(*Note 1) Projected energy output (P50) represents the output that is viewed to be achievable with a 50%
probability by the third-party providers of the technical reports and other experts. The same applies
hereinafter.
(*Note 2) The calculation of the Acquired Projects during 8th period is based on the estimated monthly power
generation (P50) presented in the Technical Report, after deducting the rate of curtailment from third
party research firm.
(Note 3) Y represents the value for management costs of the lessees and operator remuneration fees. The value ofY will vary for Acquired Projects and Additional Projects.

・ Forecasted figures herein have been based on a projected energy output (P50) and are notguaranteed nor do they reflect the actual energy output, which will vary depending on the levelof solar irradiation.
・ CSIF has assumed no cancellations of the lease agreements or delinquencies or non-payment ofrents by lessees.
・ CSIF has assumed that the current lease agreements will be renewed on equal terms under these
agreements.

- 13 -

Item

Operating expenses

Non-operating expenses

Borrowings

Number of investment units

Distributions per unit
(excluding distributions inexcess of earnings)

Assumptions
・ Among the operating expenses of the Assets in Possession, operating expenses other thandepreciation costs have been accounted for based on past figures for Acquired Projects and figures
provided by each owner at the time of acquisition of Additional Projects and estimates fromsubcontractors, etc., taking into account variables. Such costs for the 10th, 11th and 12th fiscal
periods are assumed to be ¥861 million, ¥859 million and ¥829 million, respectively.
・ Of the expenses for the lease of the Assets in Possession, Property-related taxes are assumed to be¥5 million, ¥6 million and ¥5 million for the 10th, 11th and 12th fiscal periods, respectively.
・ Periodic payment of repair and maintenance costs based on the figures provided in the technicalreports and the Asset Manager's estimate have been taken into account. However, these figures
are subject to revisions as the actual figures can vary significantly depending on the operating
period and are paid in irregular intervals, in addition to any instances where unexpected repairs
are required.
・ CSIF expects to pay ¥225 million, ¥225 million and ¥225 million for the 10th, 11th and 12th fiscal
periods, respectively, as O&M fees.
・ CSIF assumed it will incur expenses related to land lease in the amounts of ¥61 million, ¥61
million and ¥61 million for the 10th, 11th and 12th fiscal periods, respectively, in connection with
the Assets in Possession.
・ CSIF has assumed that it will incur depreciation expenses, including certain ancillary expenses of¥1,453 million, ¥1,461 million and ¥1,460 million for the 10th, 11th and 12th fiscal periods,
respectively. These figures are calculated using the straight-line method.
・ CSIF has assumed interest expenses, interests on investment corporation bonds and otherborrowing-related expenses of ¥213 million, ¥213 million and ¥203 million for the 10th, 11th and12th fiscal periods, respectively.
CSIF’sbalance of interest-bearing debt totals ¥39,937 million (borrowings and investment・
corporation bonds) as of today.
・ CSIF anticipates that its LTV (loan-to-value) ratio will be approximately 49.44%, 48.88% and48.28% as of the end of 10th, 11th and 12th fiscal periods, respectively
・ CSIF calculates LTV using the following formula.
LTV = Total interest-bearing debt / Total assets × 100
・ The assumption that CSIF uses is the total number of investment units issued and outstanding asof the date of this document, which is 386,656 units.
・ CSIF has assumed that there will be no changes to the number of units issued and outstanding
resulting from the issuance of additional investment units, etc., until the end of the 12th fiscal
period ending June 30, 2023.
・ Distributions per unit (excluding distributions in excess of earnings), distributions in excess ofearnings per unit and distributions per unit (including distributions in excess of earnings) havebeen calculated based on the assumption that the number of units issued and outstanding as of theend of each fiscal period will be 386,656 units.
・ Distributions per unit (excluding distributions in excess of earnings) are calculated based on the
cash distribution policy prescribed in CSIF’s Articles of Incorporation.
Changesin lessees, fluctuations in rental revenues due to changes in lease agreements, fluctuations
・in energy output, unforeseeable repair and maintenance expenses incurred and other factors maylead to changes in the amount of distributions per unit (excluding distributions in excess ofearnings).

- 14 -

Item

Distributions in excess ofearnings per unit

Assumptions
・ Distributions in excess of earnings per unit will generally be based on the cash distribution policy
prescribed in CSIF’s Articles of Incorporation and the Asset Manager’s asset management
guideline.
・ CSIF intends to make cash distributions to its unitholders for each fiscal period using cash flow
generated by the renewable energy projects (the “Free Cash Flow” or “FCF”) (Note 1). The
amount available for distribution shall be calculated by multiplying FCF less any amount payable
to debt investors (the “Net Cash Flow”, or “NCF”.CSIF will incorporate the total amount of
net cash flow remaining after deduction of distributions from the preceding fiscal periods incalculating the net cash flow) (Note 2) with the applicable payout ratio, which will be determinedby CSIF at its discretion for each fiscal period. Further, CSIF intends to make distributions inexcess of earnings for each fiscal period in order to realize such policy.
・ CSIF intends to maintain distributions per unit including distributions in excess of earnings in the10th fiscal periods around ¥3,750. Distributions in excess of earnings are assumed to be ¥714 in
the 10th period. Distributions per unit including distributions in excess of earnings in the 11th
period and in the 12th period are also ¥3,750. Distributions in excess of earnings are assumed tobe ¥680 in the 11th period and ¥705 in the 12th period. Distributions including distributions inexcess of earnings shall be calculated by multiplying anticipated NCF at the beginning of eachperiod with certain fixed ate. The rate is to be decided considering related anticipated NCF at the
beginning of each period, and is assumed to be 68.0% in the 10th fiscal period.
・ Taking the economic environment, market environment of renewable energy power plant businessand financial condition of CSIF, etc. into account, CSIF can choose not to make distributions inexcess of earnings in order to spend for repair and capital expenditure, repay the borrowings,
apply to a new asset acquisition and acquire own investment units, etc.
・ Since distributions in excess of earnings accompany decrease of a cash position, the possibility ofshortages of a cash position and the financial restriction for a swift assets acquisition can occur
when CSIF needs to spend for capital expenditure more than estimated because of unexpected
events.
(*Note 1) Free Cash Flow (FCF): Rent revenues minus expenses related to rent business and capital expenditures related
to assets. Expenses related to rent business include all cash expenses related to operation, including payment ofasset management fees and administrative service fees, but exclude interest payments related to interest-bearing
debt or other financing-related expenses.
(*Note 2) Net cash flow (NCF) for the applicable period: Free Cash Flow minus interest payments related to interestbearing debt and repayments of interest-bearing debt for the relevant fiscal period plus total amount of net cash
flow remaining after deduction of distributions from the preceding fiscal periods.

Others・ CSIF has assumed that no revisions that will impact the above projections will be made to laws
and regulations, tax systems, accounting standards, securities listing regulations and the rules of
The Investment Trusts Association, Japan, among others.
・ CSIF has assumed that no unforeseeable significant changes will occur in general economic trends
or conditions in the solar energy facility market and the real estate market.

(2) Risk of Investment
Disclosure is omitted because there have been no significant changes from the description in the latest securities report(submitted on September 29, 2021 including subsequent amendments.)- 15 -

2. Financial Statement(1) Balance Sheet(Unit : thousand yen)
8th Period(June 30, 2021)

AssetsCurrent Assets
Cash and bank deposit
Operating accounts receivable
Account receivable
Prepaid expenses
Consumption taxes receivable
Other current assets
Total current assets
Fixed Assets
Property and equipment
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment ,net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
LandConstruction in progress
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Total property and equipment
Intangible assets
Leasehold rights
SoftwareTotal intangible assets
Investments and other assets
Long-term prepaid expenses
Investment in capital
Deferred tax assets
Long-term bank deposit
Guarantee deposits
Total investment and other assets
Total fixed assets
Deferred Assets
Investment corporation bond issuance cost
Total deferred assets
Total assets
Liabilities
Current liabilities
Accounts payable – operating
Current portion of long-term loans payable
Accounts payable – otherAccrued expenses
Income taxes payable
Consumption tax payable
Deposits received
Total current liabilities
Non-current liabilities
Investment corporation bondLong-term loan payable
Total non-current liabilities
Total liabilities- 16 -

9th Period(December 31, 2021)

4,611,954
1,006,913
75,459135,464
2,511,791
10,2008,351,783

5,101,023
757,343
223,542
59,1306,141,040

1,048,112(128,066)
920,046
42,436,866(5,589,346)
36,847,519
590,890(78,859)
512,0314,505,944
6,380
6,559,095(77,626)
6,481,469
20,260,404(281,261)
19,979,143
93,540(1,276)92,264
4,771,145
74,115,945

1,048,112(149,698)
898,41442,462,893(6,462,147)
36,000,745
590,890(90,792)
500,097
4,505,944
6,567,393(198,477)
6,368,915
20,271,746(703,763)
19,567,983
93,540(3,195)90,345
4,769,905
72,702,352

1,156,098
1,173
1,157,272

1,156,098
780
1,156,878

597,40210
12
15,60037,790650,81575,924,033

558,86910
16
15,60037,790612,285
74,471,517

23,261
23,261
84,299,078

20,481
20,481
80,633,040

79,8372,270,023
298,657
112,830860
23,95915,0902,801,259

47,2482,248,718
157,466
101,743944
304,665
1,010
2,861,797

4,900,000
36,206,482
41,106,482
43,907,741

4,900,000
32,788,321
37,688,321
40,550,118

Net assets
Unitholders' equity
Unit holders’ capital
Deduction from unitholders’ capital
Unitholders’ capital (net value)
Surplus
Unappropriated retained earnings(Accumulated deficit)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets- 17 -

40,631,004(1,313,100)
39,317,904

40,631,004(1,670,370)
38,960,634

1,073,432

1,122,287

1,073,432
40,391,337*1 40,391,337
84,299,078

1,122,287
40,082,921*1 40,082,921
80,633,040

(2) Statement of Income(Unit: thousand yen)
9th period(from July 1, 2021
to December 31, 2021)

8th period(from January 1, 2021
to June 30, 2021)
Operating revenues
Rental revenues of renewable energy power generation
facilities, etc.
Total operating revenues
Operating expenses
Rental expenses of renewable energy power generation
facilities, etc.
Asset management fee
Administrative service fees
Director’s compensation
Taxes and duties
Other operating expenses
Total operating expenses
Operating income or loss
Non-operating incomesInterest income
Dividends
Insurance income
Interest on refund
Other non-operating income
Total non-operating income
Non-operating expenses
Interest expenses
Interest on investment corporation bondAmortization of Investment corporation bond issuance
cost
Borrowing-related expenses
Investment unit issuance costs
Loss on retirement of non-current assets
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes - current
Income tax - deferred
Total income taxes
Net income
Retained earnings (deficit) brought forward
Unappropriated retained earnings (Accumulated deficit)- 18 -*1 3,425,186*1 3,587,363

3,425,186

3,587,363*1 1,781,479*1 2,033,809

88,08623,4372,400
2,204
68,534
1,966,142
1,459,043

111,737
27,8502,400
16366,741
2,242,703
1,344,659

35
079,272
33
11,61590,957

26
8,194
327
411
8,960

147,299
16,782

160,345
19,262

2,514

2,779

212,847
72,734
23,630475,809
1,074,191
1,074,191866
0
867
1,073,324
108
1,073,432

37,766
10,309230,463
1,123,156
1,123,156
948
(3)
944
1,122,211
75
1,122,287

(3) Statements of Changes in Unitholders’ Equity
8th Fiscal Period (From January 1, 2021 to June 30, 2021)(Unit: thousand yen)
Unitholders’ equity
Unitholders’ capital

SurplusTotal
unitholders’equityTotal net
assetsUnitholders’capitalDeduction fromunitholders’capitalUnitholders’capital(net)

Capitalsurplus orloss

22,050,175(1,174,155)

20,876,019

716,565

716,565

21,592,585 21,592,585

18,580,829-

18,580,829--

18,580,829 18,580,829

Distribution inexcess of earnings-(138,945)(138,945)--(138,945)(138,945)

Dividend of
surplus---(716,457)(716,457)(716,457)(716,457)

Net Income

-

-

-

1,073,324

1,073,324

1,073,324

1,073,324

Total changes of
items during theperiod18,580,829(138,945)

18,441,884

356,866

356,866

18,798,751 18,798,751

Balance as of June30, 2021*1 40,631,004(1,313,100)

39,317,904

1,073,432

1,073,432

40,391,337 40,391,337

Balance as ofJanuary 1, 2021

Total
surplus

Changes of items
during the period
Issuance of new
investment units

9th Fiscal Period (From July 1, 2021 to December 31, 2021)(Unit: thousand yen)
Unitholders’ equity
Unitholders’ capital

SurplusTotal
unitholders’equityTotal net
assetsUnitholders’capitalDeduction fromunitholders’capitalUnitholders’capital(net)

Capitalsurplus or
loss

Total
surplus40,631,004(1,313,100)

39,317,904

1,073,432

1,073,432

Distribution inexcess of earnings-(357,270)(357,270)--

Dividend of
surplus---

Net Income

-

-

-

1,122,211

1,122,211

1,122,211

1,122,211

Total changes of
items during theperiod-(357,270)(357,270)

48,854

48,854(308,415)(308,415)*1 40,631,004(1,670,370)

38,960,634

1,122,287

1,122,287

Balance as of July 1,
2021

40,391,337 40,391,337

Changes of items
during the period

Balance as ofDecember 31, 2021

- 19 -(1,073,357) (1,073,357)(357,270)(357,270)(1,073,357) (1,073,357)

40,082,921 40,082,921

(4) Statements of Cash Distribution
Fiscal Period under Review(From January 1, 2021
to June 30, 2021)
Unit: Yen
I Unappropriated retained earnings(accumulated deficit)
II Distributions in excess of retained earnings
Deduction from unitholders’ capital
III Cash distributions(Cash distributions per unit)
Profit distributions(Profit distributions per unit)
Distributions in excess of retained
earnings(Distributions in excess of retained
earnings)
IV. Retained earnings (deficit) carried forward
Calculation method for cash distributions(Note)

Fiscal Period under Review(From July 1, 2021
to December 31, 2021)
Unit: Yen

1,073,432,803

1,122,287,453

357,270,144

327,884,288

1,430,627,200(3,700)1,073,357,056(2,776)357,270,144

1,449,960,000(3,570)1,122,075,712(2,902)
327,884,288

(924)

(848)

75,747
211,741
In accordance with Articles 47,
In accordance with Articles 47,
Paragraph 1 of Canadian Solar Paragraph 1 of Canadian Solar
Infrastructure Fund, Inc. (“CSIF’) s Infrastructure Fund, Inc. (“CSIF’) s
Articles of Incorporation, the amount of Articles of Incorporation, the amount ofcash distributions shall be the amount of cash distributions shall be the amount of
profit in excess of an amount equivalent profit in excess of an amount equivalent
to 90% of distributable profits, as to 90% of distributable profits, as
stipulated in Article 67-15 of the Act on stipulated in Article 67-15 of the Act on
Special Measures Concerning Taxation. Special Measures Concerning Taxation.
Based on this policy, CSIF decided to Based on this policy, CSIF decided tomake distributions of ¥1,073,357,056 make distributions of ¥1,122,075,712
which is the entire amount equivalent to which is the entire amount equivalent tothe unappropriated retained earnings for the unappropriated retained earnings forthe fiscal period under review of the fiscal period under review of¥1,073,432,803 excluding fractions of ¥1,122,287,453 excluding fractions of
the distribution per unit that are less than the distribution per unit that are less than
¥1.
¥1.
CSIF distributes cash in excess of
CSIF distributes cash in excess ofretained earnings every fiscal period retained earnings every fiscal period
based on the cash distribution policy based on the cash distribution policy
prescribed in Article 47, Paragraph 2 of prescribed in Article 47, Paragraph 2 of
CSIF’s Articles of Incorporation. Based CSIF’s Articles of Incorporation. Basedon this policy, CSIF decided to make cash on this policy, CSIF decided to make cash
distributions in excess of earnings (return distributions in excess of earnings (returnof capital categorized as a distribution of of capital categorized as a distribution of
the reduction in capital for Japanese tax the reduction in capital for Japanese tax
purposes) in the amount of ¥357,270,144 purposes) in the amount of ¥327,884,288
which is equivalent to 28.4% of the which is equivalent to 22.6% of theamount of depreciation expenses amount of depreciation expenses
recorded for the fiscal period under recorded for the fiscal period underreview of ¥1,258,689,411.
review of ¥1,452,355,201.
Accordingly, the distribution per unit is
Accordingly, the distribution per unit is¥3,700.
¥3,750.

Distributions in excess of retained earnings per unit will generally be based on the cash distribution policy prescribed in
CSIF’s Articles of Incorporation and the Asset Manager’s asset management guideline.
CSIF intends to make cash distributions of NCF within the FCF generated from the renewable energy power generation
facilities. The amount available for distribution shall be calculated by multiplying NCF by the payout ratio.
Further, CSIF intends to make distributions in excess of retained earnings for each fiscal period in order to realize suchpolicy.
CSIF’s forecasts (including revised forecasts) for each fiscal period are based on the assumption of the Forecast Power
Generation (P50) provided in the independent technical report which is used as a basis for calculating rents for renewable- 20 -

energy power generation facilities and if actual NCF calculated based on actual power generation during the applicable fiscal
period exceeds forecast NCF, CSIF’s policy is to set “forecast NCF multiplied by the payout ratio” as the upper limit of theamount of cash distributions for the applicable fiscal period. .
On the other hand, if actual NCF is less than forecast NCF, CSIF’s policy is to set “actual NCF multiplied by the payout
ratio” as the amount of cash distributions for the applicable fiscal period.
Based on this policy, CSIF decided to make distributions for the previous fiscal period of ¥1,430,627,200 which is equivalent
to 91.4% of forecast NCF amount for the previous fiscal period under review of ¥1,564,321,798. Of this, ¥357,270,144 whichis the amount less of distributions of profit of ¥1,073,357,056 is distributions in excess of retained earnings.
Based on this policy, CSIF decided to make distributions for the current fiscal period of ¥1,449,960,000 which is equivalent
to 82.3% of forecast NCF amount for the current fiscal period under review of ¥1,761,854,843. Of this, ¥327,884,288 whichis the amount less of distributions of profit of ¥1,122,075,712 is distributions in excess of retained earnings.

- 21 -

(5) Statement of Cash Flow(unit: thousand yen)
8th period(From January 1, 2021
to June 30, 2021)
Cash flows from operating activities
Income (Loss) before income taxes
Depreciation costs
Investment unit issuance costs
Amortization of investment corporation bond issuance
costs
Interest income and dividends
Interest expenses
Other non-operating income
Loss on retirement of non-current assets
Decrease (Increase) in operating accounts receivable
Decrease (Increase) in accounts receivable
Decrease (Increase) in consumption taxes receivable
Decrease (Increase) in consumption taxes payable
Decrease (Increase) in prepaid expenses
Decrease (Increase) in long-term prepaid expenses
Increase (Decrease) in operating accounts payable
Increase (Decrease) in accounts payable - other
Increase (Decrease) in accrued expenses
Other, net
Sub-totalInterest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchases of property and equipment
Purchases of intangible assets
Payment of investment in capital
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from investment corporation bond issuance
Payment of investment corporate bond issuance costs
Proceeds from issuance of investment units
Payment of investment units issuance costs
Dividends paid
Surplus earning distribution paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the fiscal
periodCash and cash equivalents at the end of the fiscal period

1,074,191
1,258,689
72,734

1,123,156
1,452,355
-

2,514

2,779

(35)
164,082
23,630(644,706)(75,459)(2,468,252)(9,989)18,744(336,693)(12,894)
16,916(2,242)
3,935(914,834)
35(151,529)(885)(1,067,212)(26)
179,607(411)
10,309249,570
75,4592,493,297
282,442(88,078)
38,533(5,601)30,089(12,051)(63,011)
5,768,420
26(178,642)(864)
5,588,939*1 (30,614,353)*1 (229,777)

19,300,000(6,865,735)
3,800,000(19,000)
18,580,829(72,734)(716,457)(138,945)
33,867,956
1,783,421(3,439,466)(1,073,357)(357,270)(4,870,093)
489,0692,828,532

4,611,954*2 4,611,954*2 5,101,023(402,959)(10)(31,017,322)- 22 -

9th period(From July 1, 2021
to December 31, 2021)(229,777)

(6) NOTES ON GOING CONCERN PREMISE
Not applicable.
(7) [SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES]
1.Method of depreciation andamortization of non-current assets(1) Property and equipment
The straight-line method is adopted. In addition, the useful lives of major property andequipment are as shown below:
Structures............................................... 22 - 25 years
Machinery and equipment..................... 22 - 25 years
Tools, furniture and fixtures.................. 22 - 25 years
Structures in trust .................................. 24 - 30 years
Machinery and equipment in trust......... 24 - 25 years
Tools, furniture and fixtures in trust...... 24 - 25 years(2) Intangible assets
The straight-line method is adopted. In addition, the useful life is as shown below:
Software................................................ 5 years(3) Long-term prepaid expenses
The straight-line method is adopted.

2. Method of amortization of deferredassetsInvestment corporation bond issuance expenses
Amortized by the straight-line method over the life of the bonds.

3.Standards for revenue and expense
recognition

Accounting for fixed assets tax
With respect to fixed assets tax, city planning tax and depreciable assets tax, among othertaxes, on the infrastructure assets held, of the tax amount assessed and determined, theamount corresponding to the calculation period is accounted as rental expenses. In
addition, reimbursement such as fixed assets tax, which is paid to the seller and otherpersons on the acquisition of infrastructure assets and other assets (“the amountequivalent to the fixed assets taxes and other taxes”) is not recognized as rental expenses
but included in the acquisition cost of the concerned infrastructure assets and other assets.

4.Scope of funds in statement of cash
flows

Funds (cash and cash equivalents) in statement of cash flows consist of cash on hand,demand deposits and short-term investments with a maturity of three months or less at thedate of acquisition that can readily be converted into cash and that are subject toinsignificant risks of changes in value.

5.Method of hedge accounting(1) Method of hedge accounting
Special treatment is adopted for the interest rate swap that meets the requirements for
special treatment.
(2) Hedging instruments and hedged items:
・Hedging instruments……Interest rate swap transaction
・Hedged items….Interest rate on loans(3) Policy for hedging
CSIF conducts derivative transactions to hedge risks as set forth in the CSIF’s Articles
of Incorporation according to the rules for risk management.
(4) Method of evaluation of effectiveness of hedging
The interest rate swap meets the requirements for special treatment, and thus theevaluation of effectiveness is omitted.

- 23 -

6.Other significant matters serving as
the basis for preparation of financial
statements(1) Accounting treatment with regard to trust beneficiary interest in real estateWith regards to trust beneficial interest in equipment of renewable energy power plants,
all assets and liabilities within entrusted assets as well as all revenue and expense items
which occur to entrusted assets are recorded as the respective account titles on thebalance sheet and statements of income. The following important account titles among
the entrusted assets which are recorded as the respective account titles are separately
indicated on the balance sheet:
Structures in trust, Machinery and equipment in trust, Tools, furniture and fixtures intrust, Land in trust.
(2) Accounting for Consumption tax
Consumption tax and local consumption tax are excluded from the correspondingtransaction amount.

(8) Notes to Changes in Accounting Policies
1. Application of Accounting Standard for Revenue Recognition, etc.
CSIF has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and relevant
ASBJ regulations effective from the beginning of the fiscal period under review, and it has recognized revenue at the time thecontrol of promised goods or services is transferred to the customer at the amount expected to be received upon exchange of said
goods or services. This change has no impact on the financial statements of the fiscal period under review. In accordance withthe transitional treatment provided for in paragraph 89-3 of the Accounting Standard for Revenue Recognition, Notes on
Revenue Recognition for the previous fiscal period have not been presented.
2. Application of Accounting Standard for Fair Value Measurement, etc.
CSIF has applied the “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30, July 4, 2019) and relevant
ASBJ regulations from the beginning of the fiscal period under review, and it has applied the new accounting policy provided forby the Accounting Standard for Fair Value Measurement, etc. prospectively in accordance with the transitional measuresprovided for in paragraph 19 of the Accounting Standard for Fair Value Measurement, and paragraph 44-2 of the “AccountingStandard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019). This change has no impact on the financial
statements of the fiscal period under review. Matters stated in Article 8-6-2, paragraph 1, item 3 of the Regulation on
Terminology, Forms, and Preparation Methods of Financial Statements after revision have been omitted in accordance with theprovisions of Article 2, paragraph 5 of the supplementary provisions of the “Cabinet Office Order Partially Amending theRegulation on Terminology, Forms, and Preparation Methods of Financial Statements” (Cabinet Office Order No. 61, September
24, 2021).

- 24 -

(9) Notes regarding financial statements[NOTES TO BALANCE SHEET]*1 Minimum net assets stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations(Unit: thousand yen)
As ofJune 30, 2021

As ofDecember 31, 2021
50,00050,000[NOTES TO STATEMENT OF INCOME]*1 Breakdown of profits and losses from the rental business of renewable energy power generation facilities, etc.
(Unit: thousand yen)
From January 1, 2021 toJune 30, 2021

From July 1, 2021 to
December 31, 2021

A. Operating revenue from the rental business of renewable energy power generation facilities, etc.
Rental revenue of renewable energy power generation
facilities, etc.
(Basic rent)

2,369,477

2,614,668(Variable rent linked to actual output)

1,055,618

972,29789

396

3,425,186

3,587,363(Incidental income)
Total operating revenue from the rental business ofrenewable energy power generation facilities, etc.

B. Operating expenses from the rental business of renewable energy power generation facilities, etc.
Rental expenses of renewable energy power generation
facilities, etc.
(Management entrustment expenses)

228,743

254,872(Repair and maintenance costs)

17,28917,027(Taxes and duties)

195,754

194,394(Utilities expenses)

3,505

5,589

(Insurance expenses)

20,478

43,110(Depreciation expenses)

1,258,296

1,451,961(Land rent)

52,68660,187(Trust fees)

4,700

6,600

24

67

1,781,479

2,033,809

1,643,706

1,553,553(Other rental expenses)
Total operating expenses from the rental business ofrenewable energy power generation facilities, etc.
C. Profits and losses from the rental business of renewable energy
power generation facilities, etc. (A-B)- 25 -

[NOTES TO STATEMENT OF CHANGES IN NET ASSETS]*1 Total number of authorized investment units and the total number of investment units issued and outstanding
From January 1, 2021 toJune 30, 2021

From July 1, 2021 to
December 31, 2021

Total number of authorized investment
units

10,000,000 units

10,000,000 units

Total number of investment units issued
and outstanding

386,656 units

386,656 units[NOTES TO STATEMENT OF CASH FLOWS]*1 Breakdown of purchases of property and equipment(Unit: thousand yen)
From January 1, 2021 toJune 30, 2021

From July 1, 2021 to
December 31, 2021

Consideration of property and equipment
purchased for the fiscal period ending
June 30, 2021

(30,614,353)(229,777)

Refund of a part of consideration ofproperty and equipment purchased before
the previous fiscal period--(30,614,353)(229,777)

Purchases of property and equipment*2 Relationship between the ending balance of cash and cash equivalents and the amounts on the balance sheet(Unit: thousand yen)
From January 1, 2021 toJune 30, 2021
Cash and deposits

4,611,954

5,101,023--

4,611,954

5,101,023

Fixed term deposits exceeding 3 months
Cash and cash equivalents

From July 1, 2021 to
December 31, 2021

[NOTES ON LEASE TRANSACTIONS]
Operating lease (as the lessor)
Future minimum lease payments(Unit: thousand yen)
Fiscal period ended

Fiscal period ended

June 30, 2021

December 31, 2021

Within one year

5,225,472

5,213,614

Longer than one year

77,545,167

74,934,561

Total

82,770,639

80,148,175- 26 -

[NOTES ON FINANCIAL INSTRUMENTS]
1.Situation of financial instruments(1) Policy for financial instruments
CSIF procures funds for acquiring new assets or repaying loans through loans from financial institutions or issuinginvestment units. The basic policy is to build stable and sound financial operations to maintain and increase earnings in
the medium to long term and grow the size and value of assets.
(2) Details of the financial instruments and their risks and the risk management system
Long-term loans payables are one of the means to procure the funds for the acquisition of managed assets and are
exposed to interest rate fluctuation risk and liquidity risk, among other risks. However, this risk is deducted through theappropriate balancing of the loan period and the interest rate type, and diversification of lenders, and the appropriate
management of various types of indexes, especially the general application of the upper limit of the ratio of interestbearing, which is 60%.
(3) Supplementary explanation on fair value of financial instruments
The fair values of financial instruments are values based on market prices, or if there are no market prices, values arereasonably calculated. Since certain assumptions are used for the calculation of fair values, they may change if different
assumptions are used.
2. Matters relating to fair values of financial instruments
The table below shows the book value and fair values of financial instruments as of June 30, 2021, and the difference
between them. With respect to cash and deposits and operating account receivable, the condition that the cash and deposits
are settled in the short term, and thus the market value is considered to be close to the book value. Accordingly, those are
not included in the table. Long-term deposits are not included in the table since those have little relevance.
(Unit: thousand yen)Book value

Fair value

Difference(1) Current portion of long-term loans
payable2,270,023

2,271,482

1,459(2) Long-term loans payable

36,206,482

36,370,362

163,879(3) Investment corporation bond

4,900,000

4,889,550(10,450)

Total liabilities

43,376,505

43,531,395

154,889(4) Derivative transaction

-

-

-

(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of long-term loans payable (2) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every
certain period is applied to loans, and thus the market value is considered to be close to the book value. Accordingly, thebook value is used. In addition, for the long-term loans payable at variable interest rates subject to the special treatment ofinterest rate swap (refer to the “Notes on derivative transactions” below), the fair value is measured by discounting thetotal sum of the principal and interest treated together with the said interest rate swap as one at the interest rate that is applied
when the similar loan is obtained and that is reasonably estimated.
(3) Investment Corporation Bond
The fair value of investment corporation bonds is determined based on market prices(4) Derivative transaction
Please refer to the “Notes on derivative transactions” below.

- 27 -

The table below shows the book value and fair values of financial instruments as of December 31, 2021, and the difference
between them. With respect to cash and deposits and operating account receivable, the condition that the cash and deposits aresettled in the short term, and thus the market value is considered to be close to the book value. Accordingly, those are not included
int he table. Long-term deposits are not included in the table since those have little relevance.
(Unit: thousand yen)Book value

Fair value

Difference(1) Current portion of long-term loans
payable2,248,718

2,250,554

1,835(2) Long-term loans payable

32,788,321

32,993,351

205,030(3) Investment corporation bond

4,900,000

4,891,090(8,910)Total liabilities

39,937,039

40,134,995

197,955(4) Derivative transaction

-

-

-

(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of long-term loans payable (2) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every
certain period is applied to loans, and thus the market value is considered to be close to the book value. Accordingly, thebook value is used. In addition, for the long-term loans payable at variable interest rates subject to the special treatment ofinterest rate swap (refer to the “Notes on derivative transactions” below), the fair value is measured by discounting thetotal sum of the principal and interest treated together with the said interest rate swap as one at the interest rate that is applied
when the similar loan is obtained and that is reasonably estimated.
(3) Investment Corporation Bond
The fair value of investment corporation bonds is determined based on market prices(4) Derivative transaction
Please refer to the “Notes on derivative transactions” below.
(Note 2) Scheduled redemption amount of loans payables after the closing date (June 30, 2021)

Within one
year
Long-term loans payable

2,270,023

4,561,543

2,267,295

2,206,896

2,301,459

24,869,286

-

-

-

1,100,000

3,800,000-

2,270,023

4,561,543

2,267,295

3,306,896

6,101,459

24,869,286

Investment corporation bond
Total

(Unit: thousand yen)

Longer than Longer than Longer than Longer than
one year,
two years, three years, four years, Longer than
within two within three within four within five
five years
years
years
years
years

Scheduled redemption amount of loans payables after the closing date (December 31, 2021)

Within one
year
Long-term loans payable

2,248,718

2,275,477

2,228,931

2,270,245

2,256,998

23,756,669--

1,100,000-

3,800,000-

2,248,718

2,275,477

3,328,931

2,270,245

6,056,998

23,756,669

Investment corporation bond
Total

(Unit: thousand yen)

Longer than Longer than Longer than Longer than
one year,
two years, three years, four years, Longer than
five years
within two within three within four within five
years
years
years
years

[NOTES ON SECURITIES]
Prior fiscal period (as of June 30, 2021)
Not applicable.
Current fiscal period (as of December 31, 2021)
Not applicable.

- 28 -

[NOTES ON DERIVATIVE TRANSACTIONS]
1. Those to which hedge accounting is not applied
Prior fiscal period (as of June 30, 2021) and Current fiscal period (as of December 31, 2021)
Not applicable.
Prior fiscal period (as of June 30, 2021)(Unit: thousand yen)
Method ofhedge
accounting

Type of derivativetransactions and othermatters

Major
items
hedgedSpecialtreatment ofinterest rate
swap

Interest rate swap
transaction
Fixed
payment/variable
receipt

LongtermloanspayableContract amount and otheramounts
Longer than one
year

36,176,505

33,906,482

Fair value

Method ofcalculation ofsaid market
value(Note)-(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and thelong-term loans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (1) Current portion of long-termloans payable and (2) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among othermatters”

Current fiscal period (as of December 31, 2021)(Unit: thousand yen)
Method ofhedge
accounting

Type of derivativetransactions and othermatters

Major
items
hedgedSpecialtreatment ofinterest rate
swap

Interest rate swap
transaction
Fixed
payment/variable
receipt

LongtermloanspayableContract amount and otheramounts
Longer than one
year

35,037,039

32,788,321

Fair value

Method ofcalculation ofsaid market
value(Note)-(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and thelong-term loans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (1) Current portion of long-termloans payable and (2) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among othermatters”[NOTES ON RETIREMENT BENEFITS]
Prior fiscal period (as of June 30, 2021)
Not applicable.
Current fiscal period (as of December 31, 2021)
Not applicable.

- 29 -

[NOTES ON TAX EFFECT ACCOUNTING]
1. Breakdown of deferred tax assets and deferred tax liabilities by major cause(Unit: thousand yen)
Fiscal period ended
June 30, 2021

Fiscal period ended
December 31, 2021

Accrued business tax not deductible from taxable
income12

16

Total deferred tax assets

12

16

Net amount of deferred tax assets

1216

2. Breakdown of each major item that causes a significant difference between the effective statutory tax rate and the rate of
the burden of corporate tax and other taxes after the application of tax effect accounting
Fiscal period ended
June 30, 2021
Effective statutory tax rate

Fiscal period ended
December 31, 2021

31.46%

31.46%(31.44)%(31.43)%

Others

0.06%

0.05%

Rate of burden of corporate tax and other taxes after
the application of tax effect accounting

0.08%

0.08%

(Adjustment)
Dividends paid deductible for tax purpose[NOTES ON SHARE OF PROFIT (LOSS) OF ENTITIES ACCOUNTED FOR USING EQUITY METHOD, ETC.]
Prior fiscal period (from January 1, 2021 to June 30, 2021)
Not applicable.
Current fiscal period (from July 1, 2021 to December 31, 2021)
Not applicable.
[NOTES ON RELATED PARTY TRANSACTIONS]
Prior fiscal period (from January 1, 2021 to June 30, 2021)
Not applicable.
Current fiscal period (from July 1, 2021 to December 31, 2021)
Not applicable.
[NOTES ON ASSET RETIREMENT OBLIGATIONS]
Prior fiscal period (from January 1, 2021 to June 30, 2021)
Not applicable.
Current fiscal period (from July 1, 2021 to December 31, 2021)
Not applicable.

- 30 -

[NOTES ON INVESTMENT AND RENTAL PROPERTY]CSIF has renewable energy power generation facilities, etc. The book value, change during the period and fair value at the endof the period are as shown below.
(Unit: thousand yen)
Fiscal period ended
June 30, 2021

Fiscal period ended
December 31, 2021

Book value (Note 2)
Beginning balance

45,329,524

75,265,664

Change during the period(Note 3)29,936,139(1,407,212)

Ending balance

75,265,664

73,858,451

Fair value at the end of the period(Note 4)79,037,000

77,172,000(Note 1) The real estate that CSIF holds is real estate to be provided for the use of renewable energy power generation facilities, and thus with respect to thebook value and the fair value, the amount of the renewable energy power generation facilities and real estate are stated together as one.
(Note 2) The book value is the amount at acquisition cost less the accumulated depreciation.
(Note 3) The change during the period ended June 30, 2021 primarily consisted of the increase due to acquisition of two photovoltaic power generation
facilities (31,110,809 thousand yen), and the decrease due to depreciation expenses (1,258,296 thousand yen). And the change during the period
ended December 31, 2021 primarily consisted of the increase due to capital expenditure for photovoltaic power generation facilities (56,299
thousand yen), and the decrease due to depreciation expenses (1,451,961 thousand yen).
(Note 4) The fair value is the total sum of the median amount that we calculated according to Article 41, paragraph 1 of the CSIF's Articles of Incorporationon the basis of the appraised value in the range stated in the valuation report with the date of the value opinion on June 30, 2021 and December 31,
2021, which was obtained from PricewaterhouseCoopers Sustainability LLC (for S-01 to S-18). And, the fair value is the total sum of the medianamount on the basis of the appraised value stated in the valuation report with the date of the value opinion on June 30, 2021, which was obtained
from E&Y Strategy and Consulting Co., Ltd. and the valuation opinion on December 31, 2021, which was obtained from Kroll International Inc(for S-19 to S-25).The fair value which is the total sum of the median amount stated in the valuation report of Kroll International Inc is rounded
down to the nearest million yen.

In addition, profits and losses from the renewable energy power generation facilities, etc. for the fiscal period ended June 30,
2021 (the 8th period) and the fiscal period ended December 31, 2021 (the 9th period) are as stated in the “Notes to statement ofincome” above.
[NOTES ON REVENUE RECOGNITION]
Not applicable.
[NOTES ON SEGMENT INFORMATION]
1.Segment information
Since CSIF has a single segment of the rental business of infrastructure assets, the segment information is omitted.
2.Related Information
Prior fiscal period (from January 1, 2021 to June 30, 2021)(1) Information on products and services
Information is omitted because operating revenue from a single product/service to outside customers exceeds 90%of the operating revenue on the statement of income.
(2) Information on regions① Operating revenue
Information is omitted because operating revenue from outside customers in Japan exceeds 90% of the operating
revenue on the statement of income.
② Property and equipment
Information is omitted because the amount of property and equipment located in Japan exceeds 90% of the amount ofproperty and equipment on the balance sheet.

- 31 -

(3) Information on major customers(unit: thousand yen)
Name of customer

Total net revenue

Name of related segment

Tida Power 01 G.K.

2,542,612

LOHAS ECE 2 G.K.

767,470

Tida Power 45 G.K.

115,013

Renewable energy power generation
facilities, etc. rental business
Renewable energy power generation
facilities, etc. rental business
Renewable energy power generation
facilities, etc. rental businessCurrent fiscal period (from July 1, 2021 to December 31, 2021)(1) Information on products and services
Information is omitted because operating revenue from a single product/service to outside customers exceeds 90%of the operating revenue on the statement of income.
(2) Information on regions① Operating revenue
Information is omitted because operating revenue from outside customers in Japan exceeds 90% of the operating
revenue on the statement of income.
② Property and equipment
Information is omitted because the amount of property and equipment located in Japan exceeds 90% of the amount ofproperty and equipment on the balance sheet.
(3) Information on major customers(unit: thousand yen)
Name of customer

Total net revenue

Name of related segment

Tida Power 01 G.K.

2,380,145

LOHAS ECE 2 G.K.

1,102,037

Tida Power 45 G.K.

104,783

Renewable energy power generation
facilities, etc. rental business
Renewable energy power generation
facilities, etc. rental business
Renewable energy power generation
facilities, etc. rental business[NOTES ON PER UNIT INFORMATION]
Current fiscal period
From July 1, 2021
December 31, 2021

Prior fiscal period
From January 1, 2021
June 30, 2021
Net assets per unit
Net income (Net loss) per unit

104,463 yen
3,234 yen

103,665 yen
2,902 yen

(Note 1) Net income (Net loss) per unit is calculated by dividing net income (net loss) by the average number of investment units during the period. In theprevious fiscal period, a loss was posted and there were no dilutive investment units, and thus diluted loss per unit is not stated. With respect todiluted profit per unit for the period under review, there are no dilutive investment units, and thus the statement is omitted.
(Note 2) The basis of calculation of net income (net loss) per unit is as follows.

Current fiscal period
From July 1, 2021
December 31, 2021

Prior fiscal period
From January 1, 2021
June 30, 2021
Net income (Net loss) (Thousand yen)Amount not attributable to common unit holders(Thousand yen)
Net income (Net loss) attributable to Common unit holders(Thousand yen)
Average number of investment units during the period(Units)[NOTES ON FACTS ARISING AFTER THE SETTLEMENT OF ACCOUNTS]
Not applicable.

- 32 -

1,073,324

1,122,211--

1,073,324

1,122,211

331,820

386,656

(10) Change in the total number of investment units issued and outstanding
Change in the total number of investment units issued and outstanding and the total amount of unitholders' capital is as shown
below since the establishment of the CSIF.

Date

Event

Total number of investment units
issued and outstanding (units)
ChangeBalance

Total amount of unitholders'
capital (Note 1) (million yen)
ChangeRemarks

Balance

May 18, 2017

Establishment upon
private placement

1,500

1,500

150

150

(Note 2)October 27, 2017

Capital increase by
public offering

177,800

179,300

16,891

17,041(Note 3)

Capital increase by
November 28, 2017
third-party
allotment

2,890

182,190274

17,315(Note 4)

Capital increase by
public offering

46,667

228,857

4,509

21,824(Note 5)

Cash distribution inexcess of earnings
September 14, 2018(refund ofinvestment)-

228,857(147)

21,677(Note 6)

October 4, 2018

Capital increase by
third-party
allotment

2,333

231,190

225

21,902(Note 7)

March 14, 2019

Cash distribution inexcess of earnings(refund ofinvestment)-

231,190(420)

21,482(Note 8)Cash distribution inexcess of earnings
September 17, 2019(refund ofinvestment)-

231,190(133)

21,349(Note 9)Cash distribution inexcess of earnings(refund ofinvestment)-

231,190(309)

21,039(Note 10)

Cash distribution inexcess of earnings
September 15, 2020(refund ofinvestment)-

231,190(163)

20,876(Note 11)

March 5, 2021

Capital increase by
public offering

151,500

382,690

18,10638,982(Note 12)

March 16, 2021

Cash distribution inexcess of earnings(refund ofinvestment)-

382,690(138)

38,843(Note 13)

April 7, 2021

Capital increase by
third-party
allotment

3,966

386,656474

39,317(Note 14)

Cash distribution inexcess of earnings
September 15, 2021
(refund ofinvestment)-

386,656(357)

38,960(Note 15)

September 5, 2018

March 17, 2020

- 33 -

(Note 1) The amount of deduction of total amount of unitholders’ capital is deducted.
(Note 2) In the establishment of the CSIF, the investment units were issued at an issue price of ¥100,000 per unit. The party who applied for subscriptionof investment units upon the establishment is Canadian Solar Projects K.K.
(Note 3) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥100,000 (issue value of ¥95,000) per unit.
(Note 4) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue value of ¥95,000 per unit for the purpose of
appropriation to a part of the funds for acquisition of specified assets or part of repayment of borrowings.
(Note 5) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥102,180 (issue value of ¥96,625) per unit.
(Note 6) CSIF decided, at a meeting of its Board of Directors held on August 14, 2018, to pay a cash distribution in excess of earnings (refund of investment)in an amount of ¥808 per unit for the second fiscal period (ended June 30, 2018), and began to pay it from September 14, 2018.
(Note 7) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue price of ¥96,625 per unit for the purpose of
appropriation to a part of the funds for acquisition of specified assets or a part of the funds for repayment of borrowings.
(Note 8) CSIF decided, at a meeting of its Board of Directors held on February 15, 2019, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥1,817 per unit for the third fiscal period (ended December 31, 2018), and began to pay it from March 14, 2019.
(Note 9) CSIF decided, at a meeting of its Board of Directors held on August 13, 2019, to pay a cash distribution in excess of earnings (refund of investment)in an amount of ¥577 per unit for the fourth fiscal period (ended June 30, 2019), and began to pay it from September 14, 2019.
(Note 10) CSIF decided, at a meeting of its Board of Directors held on February 13, 2020, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥1,340 per unit for the fifth fiscal period (ended December 31, 2019), and began to pay it from March 17, 2020.
(Note 11) CSIF decided, at a meeting of its Board of Directors held on August 14, 2020, to pay a cash distribution in excess of earnings (refund of investment)in an amount of ¥708 per unit for the sixth fiscal period (ended June 30, 2020), and began to pay it from September 15, 2020.
(Note 12) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥125,115 (issue value of ¥119,517) per unit.
(Note 13) CSIF decided, at a meeting of its Board of Directors held on February 17, 2021, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥601 per unit for the seventh fiscal period (ended December 31, 2020), and began to pay it from March 16, 2021.
(Note 14) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue price of ¥119,517 per unit for the purposeof appropriation to a part of the funds for acquisition of specified assets or a part of the funds for repayment of borrowings.
(Note 15) CSIF decided, at a meeting of its Board of Directors held on August 13, 2021, to pay a cash distribution in excess of earnings (refund of investment)in an amount of ¥924 per unit for the eighth fiscal period (ended December 31, 2021), and began to pay it from September 15, 2021.

- 34 -

3. Reference(1) Conditions of Investment(as of December 31, 2021)
Type of asset

Total Asset-UnderManagement (AUM)(‘000yen)

Region (Note 1)

Hokkaido/Tohoku

Solar energy facility

935,613

1.2

Kanto

2,187,152

2.7

Tokai

5,292,208

6.6

Chugoku/Shikoku

9,349,826

11.6

Kyushu19,634,457

24.4

37,399,257

46.4

Hokkaido/Tohoku

48,9700.1

Kanto

648,591

0.8

Tokai

63,3090.1

Chugoku/Shikoku

560,1960.7

3,184,875

3.9

4,505,944

5.6

Hokkaido/Tohoku

69,4170.1

Kanto

59,1970.1

Tokai331,596

0.4

3,415

0.0

692,4710.9

1,156,098

1.4

Hokkaido/Tohoku

3,453,966

4.3

Kyushu22,573,278

28.0

26,027,244

32.3

116,7480.1

4,653,157

5.8

4,769,905

5.9

Hokkaido/Tohoku

4,624,716

5.7

Kanto

2,894,942

3.6

Tokai

5,687,114

7.1

Chugoku/Shikoku

9,913,438

12.3

Kyushu50,738,240

62.9

73,858,451

91.6

73,858,451

91.6

Subtotal

Land

KyushuSubtotal

Land lease

Chugoku/Shikoku
KyushuSubtotal
Solar energy facility in trust
Subtotal
Land in trust

Hokkaido/Tohoku
KyushuSubtotal

Solar energy facility etc.

% of total AUM(Note 3)

Subtotal
Solar energy facility etc. total- 35 -

Type of asset

Total Asset-UnderManagement (AUM)(‘000yen)

Region (Note 1)% of total AUM(Note 3)

Saving/other assets

6,774,588

8.4

Asset total (Note 2)

80,633,040

100.0

Total liabilities

40,550,118

50.3

Total net assets

40,082,921

49.7(Note 1) “Hokkaido and Tohoku” denote Hokkaido, Aomori-ken, Iwate-ken, Akita-ken, Miyagi-ken, Fukushima-ken and Yamagata-ken. “Kanto”
denotes Ibaraki-ken, Tochigi-ken, Gunma-ken, Tokyo-to, Kanagawa-ken, Saitama-ken, Chiba-ken Yamanashi-ken, Nagano-ken and Niigataken. “Tokai” denotes Shizuoka-ken, Aichi-ken, Gifu-ken, Mie-ken, Toyama-ken, Ishikawa-ken and Fukui-ken. “Chugoku and Shikoku”
denote Okayama-ken, Hiroshima-ken, Yamaguchi-ken, Tottori-ken, Shimane-ken, Kagawa-ken, Kochi-ken, Tokushima-ken and Ehime-ken.
“Kyushu” denotes Fukuoka-ken, Oita-ken, Miyazaki-ken, Kagoshima-ken, Kumamoto-ken, Nagasaki-ken, Saga-ken and Okinawa-ken.
(Note 2) The amount posted on the balance sheet as of December 31, 2021.
(Note 3) The figures have been rounded to the first decimal place.

(2) Investment Assets①Investment Securities
Not Applicable②Investment Properties
Not Applicable- 36 -

③Major Investment Assets
a. summary information for the CSIF
The following table provides summary information for the CSIF current 25 solar energy projects as of December 31, 2021.
PPA purchaseprice(yen/kwh)

Certification
Date

FIT term end

19,86140

February 26,
2013

September 16,
2034

Isa-shi, Kagoshima

22,22340

February 26,
2013

June 8, 2035

CS Kasama-shi
Power Plant

Kasama-shi,
Ibaraki

42,666(Note 1)40

January 25,
2013

June 25, 2035

Solar Plant
etc.

CS Isa-shi Daini Power Plant

Isa-shi, Kagoshima

31,81836

October 2,
2013

June 28, 2035

S-05

Solar Plant
etc.

CS Yusui-cho
Power Plant

Aira-gun,Kagoshima

25,27436

March 14,2014

August 20,
2035

S-06

Solar Plant
etc.

CS Isa-shi Daisan Power Plant

Isa-shi, Kagoshima

40,73640

February 26,
2013

September 15,
2035

S-07

Solar Plant
etc.

CS Kasama-shi
Dai-ni Power
Plant

Kasama-shi,
Ibaraki

53,27540

January 25,
2013

September 23,
2035

S-08

Solar Plant
etc.

CS Hiji-machi
Power Plant

Hayami-gun, Oita

30,24636

July 16, 2013

October 12,
2035

S-09

Solar Plant
etc.

CS Ashikitamachi Power
Plant

Ashikita-gun,
Kumamoto

45,74040

February 26,
2013

December 10,
2035

S-10

Solar Plant
etc.

CS
Minamishimabar
a-shi Power
Plant (East) / CS
Minamishimabar
a-shi Power
Plant (West)

Minamishimabarashi, Nagasaki

56,06640

February 26,
2013 (East)
February 26,
2013 (West)

December 24,
2035 (East)
January 28,2036 (West)

S-11

Solar Plant
etc.

CS Minanomachi Power
Plant

Chichibu-gun,
Saitama

44,90432

December 11,
2014

December 6,
2036

S-12

Solar Plant
etc.

CS Kannami-cho
Power Plant

Tagata-gun,Shizuoka

41,33936

March 31,2014

March 2, 2037

S-13

Solar Plant
etc.

CS Mashikimachi Power
Plant

Kamimashiki-gun,
Kumamoto

638,552(Note2)36

October 24,
2013

June 1, 2037

S-14

Solar Plant
etc.

CS Koriyamashi Power Plant

Koriyama-shi,
Fukushima

30,376(Note1)32

February 27,
2015

September 15,
2036

S-15

Solar Plant
etc.

CS Tsuyama-shi
Power Plant

Tsuyama-shi,
Okayama

31,05932

September
26, 2014

June 29, 2037

S-16

Solar Plant
etc.

CS Ena-shi
Power Plant

Aza Ochise,
Kusumi,
Osashima-cho,
Ena-shi, Gifu

37,37332

February 24,
2015

September 12,
2037

Asset #

Category

Project nameLocation

Site Area
(m2)

S-01

Solar Plant
etc.

CS Shibushi-shi
Power Plant

Shibushi-shi,
Kagoshima

S-02

Solar Plant
etc.

CS Isa-shi
Power Plant

S-03

Solar Plant
etc.

S-04

- 37 -PPA purchaseprice(yen/kwh)

Certification
Date

FIT term end

452,760(Note 3)40

February 22,2013 (A)February 28,
2013 (B)

August 9,2037

Shingumachi,
Takayama-shi,
Gifu

16,278(Note 1)32

January 30,
2015

October 9,2037

CS Misatomachi Power
Plant

Misato-machi,
Kodama-gun,
Saitama

25,31532

January 6,
2015

March 26,
2037

S-20

Solar Plant
etc.

CS Marumorimachi Power
Plant

Marumori-machi,
Igu-gun, Miyagi

65,306(Note 4)36

February 28,
2014

July 12, 2038

S-21

Solar Plant
etc.

CS Izu-shi
Power Plant

Ono Aza Okubo,
Izu-shi, Shizuoka

337,160

36

March 31,2014

November 29,
2038

S-22

Solar Plant
etc.

CS Ishikari
Shinshinotsumura Power
Plant

Ishikari-gun,
Hokkaido

42,977

24

November 18,
2016

July 15,
2039

S-23

Solar Plant
etc.

CS Osaki-shi
Kejonuma
Power Plant

Osaki-shi, Miyagi

26,051

21

March 27,
2018

July 21,
2039

S-24

Solar Plant
etc.

CS Hiji-machi
Dai-ni Power
Plant

Hayami-gun, Oita

1,551,086(Note 5)40

March 15,2013

October 30,
2039

S-25

Solar Plant
etc.

CS Ogawaramachi Power
Plant

Shibata-gun,
Miyagi

123,624(Note 6)32

February 9,
2015

March 19,2040

Asset #

Category

Site Area(m2)

Project nameLocation

S-17

Solar Plant
etc.

CS Daisen-choPower Plant (A)and (B)

Aza Magoese,
Toyofusa, Daisencho, Saihaku-gun,Tottori (A)Aza Kamikawara,
Toyofusa, Daisencho, Saihaku-gun,Tottori (B)

S-18

Solar Plant
etc.

CS Takayamashi Power Plant

S-19

Solar Plant
etc.

(Note 1) Site area for the portion of the solar energy plants land under ownership is shown and excludes the portion of the land where we hold an easement.
(Note 2) Site area for the portion of the solar energy plants and high-voltage land under ownership is shown and excludes the portion of the land where we holdan easement.
(Note 3) Site area for the portion of the solar energy plants and high-voltage land under superficies is shown and excludes the portion of the right to lease land
and the land where we hold an easement.
(Note 4) Site area for the portion of the solar energy plants and high-voltage land and access roads under superficies is shown and excludes the portion of the land
where we hold an easement.
(Note 5) Site area for the portion of the solar energy plants and high-voltage land and access roads under ownership and right to lease land is shown and excludes
the portion of the land where we hold an easement.
(Note 6) Site area for the portion of the solar energy plants and high-voltage land and access roads under superficies and right to lease land is shown and excludes
the portion of the land where we hold an easement.

- 38 -

Certified
Operator

PPA company

AcquisitionPrice(million yen)
(Note 1)
(Note 5)

Fiscal period
end valuation(million yen)
(Note 2)

Asset #

Project name

S-01

CS Shibushi-shi
Power Plant

Tida Power 01 Kyushu Electric
G.K
Power Co., Inc

540

492

S-02

CS Isa-shi Power
Plant

Tida Power01
G.K.

Kyushu ElectricPower Co., Inc

372

329

S-03

CS Kasama-shi
Power Plant

Tida Power01
G.K.

TEPCO Energy
Partner,
Incorporated

907

922

S-04

CS Isa-shi Dai-niPower Plant

Tida Power01
G.K.

Kyushu ElectricPower Co., Inc

778

682

S-05

CS Yusui-cho
Power Plant

Tida Power01
G.K.

Kyushu ElectricPower Co., Inc

670

589

S-06

CS Isa-shi Daisan Power Plant

Tida Power01
G.K..

Kyushu ElectricPower Co., Inc

949

843

S-07

CS Kasama-shi
Dai-ni Power
Plant

Tida Power01
G.K..

TEPCO Energy
Partner,
Incorporated

850

802

S-08

CS Hiji-machi
Power Plant

Tida Power01
G.K.

Kyushu ElectricPower Co., Inc

1,029

910

S-09

CS Ashikitamachi Power
Plant

Tida Power01
G.K..

Kyushu ElectricPower Co., Inc

989

885

S-10

CS
Minamishimabar
a-shi Power Plant
Tida Power 01 Kyushu Electric(East) / CS
G.K.
Power Co., Inc
Minamishimabar
a-shi Power Plant(West)

1,733

S-11

CS Minanomachi Power
Plant

Tida Power01
G.K.

TEPCO Energy
Partner,
Incorporated

1,018

1,019

S-12

CS Kannami-cho
Power Plant

Tida Power01
G.K..

TEPCO Energy
Partner,
Incorporated

514

502

S-13

CS Mashikimachi Power
Plant

S-14

CS Koriyama-shi
Power Plant

Tida Power01
G.K.

Tida Power01
G.K..

Appraisal value ofsolar plants(million yen)(Note 3)(upper : solar energy
facility)(lower : land)

356
136
307
21
690
232
645
36
561
27
790
52
757
44
874
35
851
34

Fiscal period end
book value(million yen)
(Note 4)

475

319

803

658

569

807

712

867

840

1,525
1,597

1,475
72

Kyushu Electric
PowerTransmission
and Distribution
Co., Inc.

19,751

19,524

Tohoku ElectricPower Co., Inc.

246

228

769
250
462
39

930

492

15,914- 39 -

3,610
177
50

17,195225

PPA company

AcquisitionPrice(million yen)
(Note 1)
(Note 5)

Fiscal period
end valuation(million yen)
(Note 2)

Asset #

Project name

Certified
Operator

S-15

CS Tsuyama-shi
Power Plant

Tida Power01
G.K..

The Chugoku
Electric Power
Co., Inc.

746

695

S-16

CS Ena-shi
Power Plant

Tida Power01
G.K..

The Chubu
Electric Power
Miraiz Co., Inc.

757

742

S-17

CS Daisen-choPower Plant (A)and (B)

Tida Power01
G.K..

The Chugoku
Electric Power
Co., Inc.

10,447

9,641

S-18

CS Takayama-shi Tida Power01
Power Plant
G.K.

The Chubu
Electric Power
Miraiz Co., Inc.

326

303

S-19

CS Misato-machi Tida Power01
Power Plant
G.K.

TEPCO Energy
Partner,
Incorporated

470

429

S-20

CS Marumorimachi Power
Plant

Tida Power01
G.K.

TohokuElectric
Power Network
Co.,
Inc.

850

S-21

CS Izu-shi Power Tida Power01
Plant
G.K..

TEPCO Power
Grid,
Incorporated

4,569

4,257

S-22

CS Ishikari
Shinshinotsumura Power
Plant

Tida Power01
G.K.

Hokkaido
Electric Power
Network,
Incorporated

680

621

CS Osaki-shi
Tida Power01
Kejonuma Power
G.K.
Plant

Tohoku ElectricPower Network
Incorporated
Company

S-24

CS Hij-machi
Dai-ni Power
Plant

LOHAS ECE2
G.K.

KyushuElectric Power
Transmission
andDistribution
Co., Inc.

27,851

27,485

S-25

CS Ogawaramachi Power
Plant

Tida Power 01 Tohoku Electric
G.K.
Power Network(Note 6)Co.,Inc.

2,745

2,703

Total

80,001

S-23

Appraisal value ofsolar plants(million yen)(Note 3)(upper : solar energy
facility)(lower : land)

557
138
706
35
9,320
321
243
60
311
118

Fiscal period end
book value(million yen)
(Note 4)

748

630

9,165

301

447

756
772

776
16
4,038
219

4,262

556
692
64
155
208

195

214
39
22,665

4,820

27,528

2,657
2,715
45
77,172

66,651
10,52073,858(Note 1) Acquisition price is based on acquisition price as described in the purchase agreements (excluding acquisition expenses related to the payment ofoutsourcing service fees, property-related taxes, taxes on depreciable assets, urban planning taxes, consumption taxes and other fees).
(Note 2) For S-01 to S-18, the fiscal period end valuation is the median amount that the Investment Corporation calculated in accordance with Article 41,
paragraph 1 of the CSIF's Articles of Incorporation based on the range of valuation provided to us by PricewaterhouseCoopers Sustainability LLC
and, for S-19 to S-25, the fiscal period end valuation is based on the median amount, which is rounded down to the nearest million yen, provided to- 40 -

us by Kroll International Inc. in its project valuation report.
(Note 3) On the upper row of the appraisal value of solar plants, an assumed appraisal value of solar energy projects that is obtained by deducting the realestate appraisal value calculated by Daiwa Real Estate Appraisal Co., Ltd. from the appraised value at the end of the period in (Note 2) above isstated, and on the lower row, an amount stated in the real estate appraisal report prepared by Daiwa Real Estate Appraisal Co., Ltd. is stated. Realestate includes its superficies right.
(Note 4) Fiscal period end book value is the book value of solar energy.
(Note 5) The acquisition price of CS Mashiki-machi Power Plant had reduced in the amount of 332 million yen on December 16, 2020, back from thesigning date of the Property Purchase Agreement.
(Note 6) Tida Power 45 G.K. which was the certified operator of CS Ogawara-machi was merged into Tida Power 01 G.K.on December 14, 2021.

- 41 -

b. Revenue and expenses of individual renewable energy power generation facilities
Nineth fiscal period (from July 1, 2021 to December 31, 2021)(Unit: thousand yen)
Asset number

S-01

S-02

S-03

S-04

S-05

Total portfolio

CS Shibushishi PowerPlant

2,614,668

18,941

14,02729,09928,96523,236972,297

7,353

5,006

10,58010,513

8,331

396

-

-

306

-

-

3,587,363

26,29519,03439,98539,47831,568194,394

1,626

1,244

2,848

2,769

2,396

194,394

1,626

1,244

2,848

2,769

2,396

-

-

-

-

-

-

387,453

3,089

2,619

3,594

4,861

4,822

254,872

2,155

1,610

3,189

2,893

2,966

(Repair and maintenance costs)

17,027

696

-

-

-

242

(Utilities expenses)

5,589

-

-

-

-

-

(Insurance expenses)

43,110

237

193

405

376

350

(Land rent )60,187

-

797

-

1,590

1,263

(Trust fees)

6,600

-

-

-

-

-

67

-

18

-

-

-

Depreciation cost

1,451,961

9,539

7,837

14,483

16,481

14,269(Structures)

21,631

468

256

345

306

605

(Machinery and equipment)

872,801

9,029

7,563

14,104

16,133

13,429(Tools, furniture and fixtures)

11,933

41

17

33

41

235

(Structures in trust)

121,173

-

-

-

-

-

(Machinery and equipment intrust)

422,502

-

-

-

-

-

1,919

-

-

-

-

-

2,033,809

14,254

11,701

20,92624,111

21,487

1,553,553

12,040

7,332

19,05915,366

10,080

Project name

CS Isa-shi CS Kasama-shi CS Isa-shi Dai- CS Yusui-cho
Power Plant Power Plant ni Power Plant Power Plant

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Other rental cost)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 42 -

(Unit: thousand yen)
Asset number

S-06

S-07

S-08

S-09

S-10

CS Isa-shi Daisan Power Plant

CS Kasama-shi
Dai-ni Power
Plant

CS Hiji-machi
Power Plant

CS Ashikitamachi Power
Plant

CS
Minamishimabara-shi Power Plant(East) / CS
Minamishimabara-shi Power Plant(West)

34,49628,71837,101

36,73664,856

13,204

10,587

16,05313,064

18,371

-

-

-

-

-

47,70139,305

53,15549,801

83,227

Taxes and duties

3,323

3,161

3,798

3,559

6,244

(Property-related taxes, etc.)

3,323

3,161

3,798

3,559

6,244

-

-

-

-

-

6,704

5,928

6,729

6,187

12,049

4,253

3,145

4,719

3,900

5,515

(Repair and maintenance costs)

-

-

-

132

1,580

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

414

387

498

473

693

(Land rent )

2,036

2,396

1,512

1,681

4,260

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

19,896

17,604

22,11920,21635,397(Structures)

290

247

835

1,441

755

19,554

17,314

21,205

18,52334,392(Tools, furniture and fixtures)

51

42

78

252

248

(Structures in trust)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

29,924

26,69532,64729,96353,691

17,776

12,61020,507

19,83729,535

Project nameRental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.

(Other taxes)
Expenses(Management entrustment
expenses)(Machinery and equipment)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 43 -

(Unit: thousand yen)
Asset number
Project name

S-11

S-12

S-13

S-14

S-15

CS Minano-machi CS Kannami-cho CS Mashiki-machi CS Koriyama-shi CS Tsuyama-shi
Power Plant
Power Plant
Power Plan
Power Plan
Power Plan

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent

30,37818,270681,3317,504

21,685

8,454

6,460

250,511

3,481

8,308

-

-

9

2

-

38,832

24,731

931,851

10,98829,994

3,330

1,785

70,993

1,007

3,020

3,330

1,785

70,993

1,007

3,020

-

-

-

-

-

5,468

5,416

80,682

945

3,338

4,117

1,809

71,329

829

2,820

875

1,700

248

-

253

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

475

227

9,051

115

264

(Land rent )

-

1,678

53

-

-

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

16,211

9,662

338,300

4,191

13,144(Structures)

766

380

3,626

327

376

15,4459,226

326,770

3,864

12,462(Tools, furniture and fixtures)

-

55

7,902

-

304

(Structures in trust)

-

-

-

-

-

(Machinery and equipment intrust)

-

-

-

-

-

-

-

-

-

-

25,01016,864

489,976

6,143

19,502

13,821

7,866

441,875

4,844

10,492

Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Repair and maintenance costs)(Machinery and equipment)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 44 -

(Unit: thousand yen)
Asset number
Project name

S-16

S-17

S-18

S-19

S-20

CS Daisen-cho
CS Takayama-shi CS Misato-machi
CS Ena-shi PowerPower Plant (A)Power Plant
Plant
Power Plant
and (B)CS Marumorimachi Power
Plant

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent

25,353

381,584

9,622

12,87328,045

11,281

139,595

3,173

6,079

10,675

-

-

-

-

-

36,635521,180

12,796

18,95338,721

3,216

44,701

1,545

2,310

4,696

3,216

44,701

1,545

2,310

4,696

-

-

-

-

-

4,666

61,085

1,554

1,680

9,100

2,912

43,044

1,285

1,499

2,865

(Repair and maintenance costs)

-

-

132

-

1,040

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

300

5,486

136

180

464

(Land rent )1,454

12,554

-

-

4,729

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

14,510214,568

5,496

7,600

17,059(Structures)

589

4,905

344

176

503

13,823208,880

5,139

7,345

16,320(Tools, furniture and fixtures)

97

782

12

77

234

(Structures in trust)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

22,393

320,354

8,595

11,59130,855

14,241200,825

4,201

7,362

7,865

Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Machinery and equipment)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 45 -

(Unit: thousand yen)
Asset number

S-21

S-22

S-23

S-24

S-25

Project nameCS Izu-shi
Power Plant

CS Ishikari
Shinshinotsumura Power
Plant

CS Osaki-shi
Kejonuma
Power Plant

CS Hiji-machi
Dai-niPower Plant

CS Ogawaramachi
Power Plant

141,256

20,656

6,288

827,769

85,867

81,935

18,9482,600

274,268

33,454

-

-

18

60

-

223,191

39,605

8,907

1,102,098

119,321

24,329

1,741

745

-

-

24,329

1,741

745

-

-

-

-

-

-

-

25,817

14,206

1,804

96,77918,32013,018

3,111

1,372

60,195

10,308(Repair and maintenance costs)-

10,127---(Utilities expenses)

-

-

-

5,589

-

(Insurance expenses)

1,606

366

131

18,645

1,626(Land rent )11,192

0

-

8,700

4,285

(Trust fees)

-

600

300

3,600

2,100

(Other rental cost)

-

-

-

49

-

Depreciation cost

87,776

12,6653,600

475,055

54,273(Structures)

4,082

-

-

-

-

(Machinery and equipment)

82,271----(Tools, furniture and fixtures)

1,421

-

-

-

-

-

274

300

114,009

6,589-

12,3503,276

360,024

46,850

-

40

23

1,021

833

137,922

28,6146,150

571,835

72,59385,268

10,9902,756

530,262

46,728

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Structures in trust)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 46 -

(3) Plan for capital expenditure
The following table shows projected major capital expenditures for renewable energy power generation facilities, etc. owned by
CSIF after June 2022. Some portion of the amount are to be treated as expenses for accounting purpose.
Projected amount (million yen)
Name ofinfrastructure
assets, etc.

Location

Purpose

Projected period

CS Hiji-machi
Dai-ni Power
Plant

Hayami-gun,
Oita

Remodeling workfor online
curtailment

From June 2021
To March 2022

Total amountAmount paid
during the
fiscal period
under review

Amount paidby prior period

32

11

11

(4) Capital expenditure during the fiscal period
The following table shows capital expenditures for renewable energy power generation facilities, etc. owned by CSIF during the
fiscal period under review.
Name of infrastructure assets, etc.
(Location)

Amount paid
(thousand yen)

Purpose

Implementation period

CS Isa-shi Power Plant(Isa-shi Kagoshima)

Handling work for updated
monitoring system for curtailment

From August 17, 2021
To December 27, 2021

3,732

CS Isa-shi Dai ni Power Plant(Isa-shi Kagoshima)

Handling work for updated
monitoring system for curtailment

From June 1, 2021
To September 30, 2021

3,276

CS Yusui-cho Power Plant(Aira-gun Kagoshima)

Handling work for updated
monitoring system for curtailment

From August 17, 2021
To December 27, 2021

3,853

CS Isa-shi Dai san Power Plant(Isa-shi Kagoshima)

Handling work for updated
monitoring system for curtailment

From July 1, 2021
To September 30, 2021

4,734

CS Hiji-machi Power Plant(Hayami-gun Ohita)

Remodeling work for online
curtailment

From June 14, 2021
To September 15, 2021

5,800

CS Ashikita-machi Power Plant(Ashikita-gun Kumamoto)Handling work for updated
monitoring system for curtailment

From August 17, 2021
To December 27, 2021

3,982

CS Ishikari Shinshinotsu-mura Power
Plant(Shinshinotsu-mura Ishikari-gun
Hokkaido)

Fence re- installation work

From July 13, 2021
To October 7, 2021

18,930CS Ishikari Shinshinotsu-mura Power
Plant(Shinshinotsu-mura Ishikari-gun
Hokkaido)

Panel re-installation work

From June 25, 2021
To July 9, 2021

10,945

Other power plants

1,047
Total

56,299- 47 -